Downing FOUR VCT plc Novation Of Investment Management Agreement
13 Junho 2022 - 3:04AM
UK Regulatory
TIDMD467
Downing FOUR VCT plc
LEI: 21380035MV1VRYEXPR95
13 June 2022
Sale of Downing Ventures business to Foresight Group -- Novation
of Investment Management Agreement
Downing FOUR VCT plc ("Downing FOUR" or "the "Company"),
announces that its investment manager, Downing LLP ("Downing"), has
agreed to sell its non-Healthcare Ventures business to Foresight
Group Holdings Limited ("Foresight").
The Board has agreed to the novation of the Investment
Management Agreement (with the exception of the management of the
Healthcare share pool) from Downing to Foresight, subject to
completion of the sale. The whole Downing Ventures team (excluding
members of the Healthcare team) and key support staff are expected
to transfer to Foresight as part of the transaction.
The management of the Healthcare share pool will be retained by
Downing and continue to be managed by Downing's expanding
Healthcare team. In order to ensure a smooth handover, Downing will
also continue to provide administration services, and investment
management services in respect of the AIM share pool and for
non-ventures portfolio investments (primarily in the planned exit
share pools which are being wound down) for a transitional
period.
The Board of Downing FOUR has been involved in discussions
between Downing and Foresight and has consented to the transaction.
Foresight is an experienced VCT manager which is listed on the Main
Market of the London Stock Exchange and has a current market
capitalisation of approximately GBP390 million and GBP8.7 billion
of funds under management as at 31 March 2022. Foresight currently
manages three VCTs with combined net assets of approximately GBP375
million.
The Board of Downing FOUR believes that the novation of the
Investment Management Agreement to Foresight provides the Company
with the benefit of the resources of a substantial fund management
group, combined with the continuity provided by the Downing
Ventures investment executives.
In addition, Downing and Foresight have agreed to a rebate of
one quarter's investment management fees for the transferring
Ventures, AIM and planned exit share pools. Downing and Foresight
have also agreed to waive their portion of the promoter's fee for
existing Downing FOUR shareholders who wish to participate in the
Company's next fundraising offer. The Board can confirm that no
other material changes are being made to the terms of the
investment management arrangements.
Further details will be provided in the Annual Report of Downing
FOUR to be published in July.
Enquiries
Grant Whitehouse
Company Secretary
Tel: 020 7630 4333
(END) Dow Jones Newswires
June 13, 2022 02:04 ET (06:04 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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