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- Release Date: 26/10/12 10:30
- Summary: S/HOLDER: MLN: MLN - Clarification Re Management Agreement Renewal
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MLN
26/10/2012 08:30
S/HOLDER
REL: 0830 HRS Marlin Global Limited
S/HOLDER: MLN: MLN - Clarification Re Management Agreement Renewal
Marlin Global Limited (Marlin)
25 October 2012
Clarification Re Management Agreement Renewal
Elevation Capital (Elevation) has submitted a shareholder resolution which
will be considered at the Marlin annual meeting on 1 November. Shareholders
have been provided with the Elevation proposed resolution, a response by the
independent directors of Marlin, and a response by the fund manager, Fisher
Funds Management Limited (Fisher).
Elevation has been critical of the independent directors' decision to renew
the Management Agreement (Agreement) between Marlin and Fisher ahead of the
annual meeting. Elevation has misunderstood the terms of the Agreement, the
timing for and the factors relevant to the renewal decision.
The Agreement is a contract between Marlin and Fisher and contains specific
renewal provisions which must be followed. Renewal of the Agreement is
based on Fisher's delivery of management services according to the Agreement
over the initial five year term.
There were no grounds for the independent directors not to renew the
Agreement, and it was prudent for the directors to renew to ensure continuity
of management.
The renewal process is set out in the Management Agreement and was completed
over a period from late June through to mid-September, prior to receipt of
the Elevation proposal. The final timing of the conclusion of the renewal
process and the receipt of the Elevation shareholder resolution coincided but
they were two separate processes.
Nothing in the Elevation resolution would change the renewal process
undertaken or the outcome.
Any material matters raised by Elevation Capital will be discussed at the
Marlin annual meeting next Thursday (1 November).
Alistair Ryan
Chairman
Marlin Global Limited
End CA:00228898 For:MLN Type:S/HOLDER Time:2012-10-26 08:30:19
