Investment Manager: Terms Amendment
(Thomson Reuters ONE) - 24 November 2009 Africa Opportunity Fund Limited Investment Manager: Terms AmendmentThe Board of Directors of the Africa Opportunity Fund Limitedannounces that it has approved an amendment to its InvestmentManagement Agreement with its investment manager, Africa OpportunityPartners Limited.BackgroundIn February 2009, the Africa Opportunity Fund Limited ("the Fund" or"AOF") conducted a tender offer resulting in investors representing63% of AOF's outstanding shares exiting the Fund. Since the end ofFebruary, AOF's Net Asset Value has returned 67%, and the share price62%, assuming reinvestment of dividends.Africa Opportunity Partners Limited ("the Investment Manager" or"AOP") recently approached the Board of Directors ("the Board") ofAOF requesting the flexibility to manage other investment vehicles,including open-ended funds with investment strategies that may besubstantially similar to those of the Fund. AOF's InvestmentManagement Agreement (the "Management Agreement") with the InvestmentManager originally prohibited AOP from acting as manager to othervehicles with investment strategies substantially similar to those ofAOF.The Board considered this request in light of the potentialbeneficial economies of scale in investment opportunity flow andexpense maintenance that would result, and in light of the strongperformance and the reduced size of AOF. The Board determined that,subject to conditions on time and attention and the implementation ofconflicts and co-investment policies (described in more detailbelow), the granting of this request may be beneficial to the Fund.As a result, the Board approved the amendment to the ManagementAgreement. The Board also approved the Investment Manager's conflictand co-investment policies ("the Policies") to mitigate any potentialconflicts of interests arising from the management of multiplevehicles.Amendment to Investment Management AgreementAOF's amendment of the Management Agreement allows AOP to act as theinvestment manager to other vehicles including other vehicles thathave a substantially similar investment focus to that of the Fund solong as:(i) the Investment Manager devotes such time andattention as is required to properly manage the affairs of the Fundand its related entities; and(ii) the Investment Manager adopts a set of policiesgoverning conflicts and co-investments that is acceptable to theBoard.Co-investment PoliciesThe Policies generally require the Investment Manager to makeapplicable co-investments and divestments on behalf of its managedaccounts and investment vehicles on a pro rata basis. In addition,the Policies contain certain exceptions to those general principles,including a requirement of the Investment Manager to seek, whenappropriate, a waiver from the Board.For further information please contact:Africa Opportunity Fund LimitedFrancis DanielsTel: +2711 684 1528Grant Thornton Corporate Finance (Nominated Adviser)Philip Secrett/Adam Suggett Tel: +44207 383 5100LCF Edmond de Rothschild Securities Limited (Nominated Broker)Claire Heathfield/Hiroshi Funaki Tel: +44 207845 5960For more information about the Fund, seewww.africaopportunityfund.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.11.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 8762
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