Novation of Investment Services Agreement
13 Junio 2022 - 1:03AM
Novation of Investment Services Agreement
Downing ONE VCT plc
LEI:
213800R88MRC4Y3OIW8613 June
2022Sale 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
£550,000).
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 £390 million and £8.7 billion of funds under
management as at 31 March 2022. Foresight currently manages three
VCTs with combined net assets of approximately £375
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.
EnquiriesGrant WhitehouseCompany SecretaryTel:
020 7630 4333
Downing One Vct (LSE:DDV1)
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