Statement re Updated Investment Management Agreement

LONDON--(BUSINESS WIRE)-- 

OBERON AIM VCT PLC

LEI: 213800ZDLLGLVL2YTB47

12 July 2024

Changes to the Investment Management Agreement (IMA) with Oberon Investments Limited and Smaller related party transaction

Oberon AIM VCT plc (the "Company") announces that it has agreed certain changes to its Investment Management Agreement (IMA) with Oberon Investments Limited (the "Manager") designed to incentivise the Manager to invest the time, energy and resources required to deliver a period of substantial growth in the Company's asset base and a transformation of its future prospects.

The Company has recently obtained shareholders' authority to change its name, update its articles of association and issue a substantial number of new shares pursuant to the first in a planned series of upcoming fundraisings as part of the Company's growth plan and this updating of the terms of its key management agreement with the Manager represents another important step in that wider process.

The Board has received written confirmation from the Company's sponsor, SPARK Advisory Partners Limited, that the terms of the revised arrangement with the Manager are fair and reasonable as far as the shareholders of the Company are concerned and the Board concurs with this view.

The changes to the IMA with the Manager are as follows:

• The revised IMA will allow the Manager a minimum term of three years from the end of the accounting period which ended on 31 December 2023 before notice of termination can be served (other than for material breach).

• The Manager's annual fee shall be increased from 1.0% to 1.25% of net asset value for the year ending 31 December 2024 and to 2.0% for the financial years thereafter, bringing it in line with industry standard annual management charge for VCTs.

• As the IMA has been in place for a number of years, a number of minor outdated statutory and regulatory references were updated for good order.

Under the Listing Rules of the FCA, a related party of a closed ended investment fund includes the investment manager of the fund and so the amendment of the IMA with the Manager constitutes a related party transaction, but one which meets the definition of a smaller related party transaction under LR11.1.10R.

For further information, please contact: 
Company Secretarial Manager
Tricor Secretaries Limited 
Suite 5, 
7th Floor, 
50 Broadway, 
London 
SW1H 0DB 
Tel: [phone]