INVL Technology Shareholders will approve new wording of the Articles of Association and the Management Agreement

On the 29 April 2016, investment in information technology businesses company INVL Technology Shareholders will be asked to approve a new wording of the Articles of Association of special closed-ended type private capital investment company as well as a new wording of the Management Agreement with the management company INVL Asset Management.


The Shareholders meeting will be asked to approve the success fee calculation based on the value of INVL Technology assets at the time of the management transfer if the annual return exceeds 8 percent. It is also suggested to increase the annual management fee from 2 to 2.5 percent of the weighted average capitalisation of the Company during the investment period (for 5 years after the closed-end investment company license is obtained).  Additional 0.5 percent success fee shall be disbursed to the Management Company only after the Shareholders are paid their initial investment with the annual return of 8 percent.


In the Articles of Association approved on the 7 March 2016 it was established that after the closed-end investment entity licence is obtained, the success fee for the INVL Asset Management shall be calculated on the return of the Company from the price of the share emission ended 8 July 2015 (1.65 euro per share).


According to INVL Technology, the suggested changes in the structure of the Management Company remuneration balance the interests of the Shareholders and the Management Company, and are beneficial to the investors.


It is expected that INVL Technology licencing process, started in August 2015, will be finalised in the first half of 2016. After obtaining the closed-end investment company licence, INVL Technology will in its essence become similar to fund. Company management will be transferred to INVL Asset Management UAB – a licensed asset management company, controlled by the subsidiary of one of the largest investment and asset management groups in Baltic countries Invalda INVL AB.


Equity of the Company as of 31 December 2015 was EUR 24.24 million or EUR 1.99 per share.

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