SRD II Statement

Tages Capital LLP (the “Firm”)

STATEMENT IN RELATION TO THE SHAREHOLDER RIGHTS DIRECTIVE II

June 2024

The Statement in Relation to the Shareholder Rights Directive II (the “Statement”) is applicable to FCA regulated firms that invest (as a primary or an ancillary strategy) in listed equities globally.

1.       INTRODUCTION

The Second Shareholder Rights Directive (“SRD”), which took effect in the UK on 10 June 2019, aims to improve shareholder engagement and increase transparency around stewardship. The Firm does not invest in listed equities as a main strategy but may invest in this asset class on an occasional basis and can therefore determine whether – in spirit – the SRD applies to it.

2.       SRD AND THE FRC STEWARDSHIP CODE

The UK Stewardship Code (the “Code”) was established by the Financial Reporting Council in 2010. UK authorised asset managers have been required under the rules of the Financial Conduct Authority to produce a statement of commitment to the Code or to explain why it is not appropriate to its business model.

Unlike SRD, which applies to investments in listed equities globally, the Code focuses on investments in UK companies only.

The Firm’s response to the Code detailed in a separate statement, which is available here https://www.investcorptages.com/stewardship-code/

3.       THE FIRM’S APPROACH

The Firm’s primary business activity is to act as investment manager to funds that have alternative investment strategies. From time to time, the funds may invest in or become the owner of listed securities in the UK, however, these or the other assets in scope do not form a material part of the Firm’s assets under management. The Firm is therefore required to either:

  • publicly disclose an Engagement Policy and a public statement on an annual basis on how the Engagement Policy has been implemented; or
  • publicly disclose a clear and reasoned explanation of why the Firm has chosen not to make these disclosures.

The Firm has elected to not publicly disclose its Engagement Policy. This is for the following reasons:

  • The Firm does not always invest directly in listed equities as a core strategy and may rely on swaps for equity exposure. It may invest in listed equities from time-to-time however this is not considered to be a material component of the firm’s investments.

This Statement is reviewed annually and updated where necessary to reflect changes in circumstances and actual practice. Should the Firm’s position change we will review our commitment to SRD and make appropriate disclosure at that time.