REG - Chrysalis Invs Ltd - Update on Performance Fee Arrangements

Chrysalis InvestmentsAnnouncement

30/11/2022 07:00

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RNS Number : 9980H  Chrysalis Investments Limited  30 November 2022

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30 November 2022

 

Chrysalis Investments Limited ("Chrysalis" or the "Company")

 

Update on Performance Fee Arrangements

 

As previously notified to shareholders, the Board of Chrysalis and Jupiter
have been engaged in discussions to revise the current performance fee
arrangements in order to ensure long term alignment between the management
team and Chrysalis shareholder interests.

 

An agreement in principle has now been reached on revisions to the performance
fee. In summary these are:

 

·    Overall performance fee level reduced from 20% to 12.5% of the amount
by which the adjusted net asset value exceeds the higher of the high-water
mark and the hurdle rate

·    Performance fee to be satisfied in shares (excluding tax and other
liabilities attributable to receipt of the performance fee which will be
satisfied in cash), with a deemed issue price set at the higher of NAV and
share price as at the year-end in respect of which the fee accrues

·    The shares allotted under the performance fee will be allocated by
Jupiter solely to the members of the management team to ensure alignment of
the team with Chrysalis shareholders

·    Current "high-water mark" set in September 2021 is maintained at the
same level

·    Introduction of a deferred settlement structure; 25% of the shares
due in any performance fee payment will be immediately issued with the
remaining 75% of payment deferred by Chrysalis for between 3 and 5 years,
subject to share price tests

·    A cap on the performance fee payable in any one year based on the
performance fee payment not resulting in the Company's total expense ratio
(TER) exceeding 3.75% in that year

 

Further details will be provided to shareholders in due course through a
circular where shareholder consent will be sought by virtue of these changes
being a related party transaction for the purposes of the Listing Rules. If
approved by shareholders, it is expected that the revised arrangements will
apply with effect from the start of the Company's current financial year.

 

 For further information, please contact

 Media

 Montfort Communications

 Charlotte McMullen / Toto Reissland / Lesley Kezhu Wang    +44 (0) 7542 846 844

                                                           chrysalis@montfort.london

 Jupiter Asset Management:                                 +44 (0) 20 3817 1696
 James Simpson
 Liberum:                                                  +44 (0) 20 3100 2000
 Chris Clarke / Darren Vickers / Owen Matthews
 Numis:                                                    +44 (0) 20 7260 1000
 Nathan Brown / Matt Goss
 Maitland Administration (Guernsey) Limited:               +44 (0) 1481 749364
 Elaine Smeja / Aimee Gontier

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website
at https://www.chrysalisinvestments.co.uk
(https://www.chrysalisinvestments.co.uk/)

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http://chrysalisinvestments.co.uk. Neither the content of the Company's
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