The Board of Lindsell Train Investment Trust has announced that it has agreed with Lindsell Train Limited an amendment to the calculation of the investment management fee described in the Investment Management Agreement dated 13 August 2014.
Under the current Investment Management Agreement, Lindsell Train Limited as the manager is entitled to receive an investment management fee by reference to the market capitalisation of the company. Both parties have agreed that the investment management fee should be amended to ensure that LTL no longer earns a fee on the proportion of the market cap. that is attributable to any share price premium to the company’s net asset value. In consequence, with effect from 1 April 2016, the investment management fee will be calculated by reference to the lower of the market cap. or the NAV of the Company.
LTI : Lindsell Train amends management fee