29 April 2024
LEI: 2138007OUWIZFMAGO575
Aurora Investment Trust
plc
(the
"Company")
Issue of Shares in connection
with the payment of Investment Manager's Performance
fee
The Company announces that it has
today allotted 41,891 new
ordinary shares of 25 pence each (the "New Ordinary
Shares") to Phoenix Asset Management Partners Limited, the
Company's Investment Manager.
The Company previously issued 172,373
new ordinary shares to the Investment Manager on 17 January
2024, at an aggregate issue price of £448,721.39, representing 80%
of the total performance fee due for the performance period ended
31 December 2023. These were admitted to trading on 26
January 2024.
The Investment Management Agreement
between the Company and the Investment Manager (the "IMA"),
provides that the Company is to retain 20% of the value of the
performance fee until the performance fee calculation has been
reviewed by the Company's auditor as part of the audit of the
Company's Annual Financial Results. The Annual Financial
Results having been published, this remaining 20% (£112,181.61)
falls due and the allotted 41,891 new
ordinary shares are issued in respect of
this.
In accordance with the IMA, the
Investment Manager's performance fee entitlement is settled by way
of shares issued at a price equivalent to the Company's latest
prevailing Net Asset Value per share at the time of issue, being
the Net Asset Value per share as at 26 April 2024 (which was 267.79
pence).
It is noted that, to the extent that
any part of the performance fee is related to Phoenix SG Limited,
that amount will be retained as an accrual on the Company's balance
sheet in accordance with the claw-back mechanism under the IMA and
this will be reviewed in due course by reference to the realised
proceeds of sale, or the fully realisable value of Phoenix SG
Limited, as compared to the original cost of acquisition. No
such accrual is required for the performance period ended 31
December 2023.
Applications will be made for the New
Ordinary Shares to be admitted to the premium segment of the FCA's
Official List and to trading on the London Stock Exchange's Main
Market for listed securities ("Admission"). It is expected
that Admission will become effective and dealings in the New
Ordinary Shares will commence at 8.00 a.m. on 9 May 2024. The
New Ordinary Shares will rank pari passu with the ordinary shares
already in issue.
The New Ordinary Shares will be
subject to a 36-month lock-in and clawback period from the date of
issue.
Following this issue, the Company's
issued share capital consists of 76,292,724 ordinary shares and the
total number of shares with voting rights in the Company is
76,292,724.
The above figure 76,292,724 may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Contact:
Frostrow Capital LLP
Paul Griggs
Company Secretary to Aurora Investment
Trust PLC
Tel: 020 3709 8733