AVA Avanti Cap.

TIDMAVA

RNS Number : 9634P

Avanti Capital PLC

12 June 2015

12 June 2015

Avanti Capital plc (the "Company")

Change of Terms to the Investment Management Agreement

As set out in the Interim Results issued by the Company on 24 March 2015, the Directors have examined means of reducing the Company's cash burn and overheads in light of the reduction in the size of the investment portfolio. This included a substantial deferral of the management fees payable to the Company's investment adviser Odyssey Partners Limited ("Odyssey") under the investment management agreement (the "Investment Management Agreement"), in order to conserve cash flow, and that it was the intention that this would be implemented with effect from 1 July 2015.

The Directors (other than Richard Kleiner by reason of his interest in the investment management agreement), confirm that they have now finalised the necessary changes to the Investment Management Agreement with Odyssey to effect this.

The terms of the Investment Management Agreement have been amended such that the monthly management fees (equating to GBP132,000 per annum) paid to Odyssey will, from 1 July 2015, be deferred until there is a realisation from either its investment in mBlox Inc. or repayment of the loan made to mBlox Inc. If the cash amount received by the Company is insufficient to pay all deferred management fees, such as in the case of a partial realisation, the Company will only pay Odyssey such management fees as equating to the cash proceeds received, with payment of the balance deferred until a subsequent realisation. All other terms with regard to the Investment Management Agreement between the Company and Odyssey are unchanged and remain in force.

Enquiries:

   Avanti Capital plc                                            Tel: 020 7299 1459 

Richard Kleiner

   Panmure Gordon (UK) Limited                  Tel: 020 7886 2500 

Andrew Potts / Atholl Tweedie

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGURGQUPAGAG

Avanti Capital (LSE:AVA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Avanti Capital (LSE:AVA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024