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Castleview - asset management agreement
Castleview agreed to amend its asset management agreement with Castleview Asset Managers, which is due to expire on 20 November 2027, rather than merely extending it.
The salient amendments, effective from the "Amendment Date", include extending the agreement's term to end on 31 December 2036 (with a further five-year renewal option, subject to shareholder approval), and reducing the management fee from 0.50% to 0.325% of enterprise value. Either party may terminate with six months' written notice, and termination without cause attracts a termination fee calculated on the Asset Manager's forecasted profits, escalated by the CPI rate and discounted appropriately. Material changes likely to reduce the Group NAV may trigger a renegotiation of the Applicable Fee.
The amendments remain subject to shareholder approval by 28 February 2027. This is a small related party transaction, and shareholders will receive a circular alongside a section 60 ordinary resolution for their approval.
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