Downing One VCT Plc Novation Of Investment Services Agreement
13 Junio 2022 - 1:03AM
UK Regulatory
TIDMDDV1
Downing ONE VCT plc
LEI: 213800R88MRC4Y3OIW86
13 June 2022
Sale of Downing Ventures business to Foresight Group -- Novation
of Investment Services Agreement
Downing ONE VCT plc ("Downing ONE" or "the "Company") announces
that its investment adviser, 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 Services
Agreement with Downing to Foresight, subject to completion of the
sale. The whole of the Downing Ventures team and key support staff
are expected to transfer to Foresight pursuant to the sale and
Downing will continue to provide administration services, and
investment advisory services in respect of non-ventures portfolio
investments (mainly AIM-quoted and yield focussed investments) for
a transitional period.
Downing and Foresight have agreed to rebate to the Company, on
completion of the sale, a sum equivalent to one quarter's fees for
investment advisory services (approximately GBP550,000).
Downing and Foresight have also agreed to waive their portion of
the promoter's fee for existing Downing ONE shareholders who wish
to participate in the Company's next fundraising offer. There are
no other material changes being made to the terms of the Investment
Services Agreement.
The Board of Downing ONE believes that the novation of the
Investment Services 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.
Foresight 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.
Subject to the completion of the sale to Foresight, the
directors of Downing ONE have consented to the novation of the
Investment Services Agreement with the Company from Downing to
Foresight.
Further details will be provided in the Annual Report of Downing
ONE to be published in July.
Enquiries
Grant Whitehouse
Company Secretary
Tel: 020 7630 4333
(END) Dow Jones Newswires
June 13, 2022 02:03 ET (06:03 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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