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Standard Life UK Smaller Cos agrees new tiered fee

01 December 2015 15:36

Standard Life UK Smaller Companies Trust has agreed a new tiered management fee with its manager, Standard Life Investments.

The new tiered fee will be introduced with the current fee of 0.85% continuing to apply to the first £250m of the company's total assets but with a reduced fee of 0.65% of total assets applying above this £250m threshold. It has also been agreed that the noticed period, under the investment management agreement, be reduced from 12 months to 6 months.

The company also said that Harry Nimmo, the lead fund manager for the past 12 years, has confirmed his current intention to manage the company's assets on behalf of Standard Life Investments for the next seven years. And the company says the board has decided to reduce the hard discount target level that the company operates from 10% to 8% of diluted net asset value. The company's shares currently trade at a discount of 3.8%. The board will aim to use its 14.99% share buy-back authority (approved by shareholders in October) to seek to maintain a discount level of less than 8% to diluted net asset value under normal market conditions.

Share buy backs will only be made where the board believes it to be in the best interests of shareholders as a whole and the making and timing of share buy-backs will be at the absolute discretion of the board. In addition, the Board intends to continue to seek shareholder approval to enable it to carry out tender offers in circumstances where the board believes that share buy-backs are not sufficient to maintain the discount at an appropriate level.

At 3:36pm: (LON:SLS) Standard Life UK Smaller Companies Trust share price was +4.38p at 354.38p

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