PREMIER ENERGY AND WATER TRUST PLC (the "Company")
Notice of appointment of Alternative Investment Fund Manager ("AIFM") and
depositary to ensure compliance with the Alternative Investment Fund Managers
Directive (2011/61/EU) ("AIFMD")
The Company was entered in the register of small registered UK AIFMs with
effect from 23 June 2014, under the Alternative Investment Fund Managers
Regulations 2013 (AIFMRs). On 30 December 2014 the Company advised the
Financial Conduct Authority that the value of its assets under management had
exceeded the 100 million Euro threshold for the first time on 23 December 2014
and therefore it was the intention that the Company would be appointing Premier
Portfolio Managers Limited ("PPM") as its Alternative Investment Fund Manager
("AIFM") within 30 days commencing 23 December 2014.
The Company is today announcing that it has appointed PPM to act as its
Alternative Investment Fund Manager ("AIFM") pursuant to an Alternative
Investment Fund Management Agreement entered into by the Company and the AIFM
on 20 January 2015 (the "AIFM Agreement").
PPM has been approved as an AIFM by the UK's Financial Conduct Authority. The
investment management agreement entered into by the Company and Premier Fund
Managers Limited ("PFM") on 3 August 2011 (the "IMA") has been terminated
although PPM has delegated the portfolio management of the Company's portfolio
of assets to PFM. The AIFM Agreement is based on the IMA and differs to the
extent necessary to ensure that the relationship between the Company and PPM is
compliant with the requirements of AIFMD. The fees payable to PPM for acting as
the Investment Manager and the notice period under the AIFM Agreement are
unchanged from the IMA. PPM will receive a fixed fee of £20,000 per annum in
respect of its appointment as the AIFM.
The Company and PPM have also entered into a depositary agreement with Northern
Trust Global Services Limited ("NT") pursuant to which NT has been appointed as
the Company's depositary for the purposes of AIFMD.
20 January 2015
