The Company confirms that it has now agreed the provisions of the new investment management agreement appointing Phoenix Asset Management Partners Limited as the Company's investment manager in accordance with the terms previously announced. In addition, the Company has also now agreed the terms of the proposed depositary agreement with BNP Paribas Securities Services (London Branch). It is expected that both these appointments will become effective by the end of January 2016.
The Board also notes that the Company's share price is at a small premium to the net asset value per share. Accordingly, the Board does not currently intend to propose a tender offer as previously announced since the proposed tender price would be significantly below the current market price of the shares. The Board is also discussing with its advisers the options available to it to increase the size of the Company including the issue of new ordinary shares and the sale of ordinary shares currently held in treasury. Shareholders will be updated in due course.
The Board is also pleased to announce the appointment of Liberum as corporate broker to the Company with immediate effect.
Posted on 25 January 2016