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RenShares Utilities Limited Announces Appointment of Additional Prime Broker
Hamilton, Bermuda: 1st September 2005 - The Directors of the Fund wish to announce the following:
Each of the subsidiaries of the Company, RenGen Limited and RenNet Limited (the "Subsidiaries") have, on 31 August 2005, entered into an Investment Services Deed for Non-Discretionary Brokerage Services with Renaissance Advisory Services Limited (the "Additional Prime Broker"), a company registered and regulated in Bermuda, whose registered address is Canon's Court, 22 Victoria Street, Hamilton, HM12, Bermuda.
The appointment of the Additional Prime Broker adds further flexibility to the cash and securities management methods of the Subsidiaries.
The Additional Prime Broker is an affiliated company of the Investment Manager, the Custodian and the Placing Agent. James Keyes, a Director, is also a director of the Additional Prime Broker and is currently an independent director of other companies within the Renaissance group of companies.
The Investment Services Deed (together with a Margin Addendum, the "Additional Prime Brokerage Agreement") relates to the provision of investment and brokerage services in respect of the Subsidiaries' assets, including the provision of the following services: execution of transactions; settlement (making and receiving payment of cash and delivery of securities; custody of securities and cash; customer reporting; securities lending; and financing.
Capitalised terms used and not defined herein have the same meanings attributed to them in the Company's latest offering memorandum (the "Memorandum").
If you have any questions, please do not hesitate to contact Shareholder Services at the office of the Administrator on +353 1 878 0807 or Oleg Jelezko at Renaissance Capital Limited on +44 (0) 207 367 7778.