REG - Aurora Investment - Issue of Equity to Investment Manager

Aurora Investment TrustAnnouncement

29/04/2024 17:45

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RNS Number : 4798M  Aurora Investment Trust PLC  29 April 2024

 

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

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