Royce Micro-Cap Trust, Inc. Stockholders Approve New Investment Advisory Agreement at Special Meeting

Rhea-AI Summary

Royce Micro-Cap Trust (NYSE: RMT) announced that stockholders approved a new investment advisory agreement with Royce Investment Partners during a Special Meeting held on July 14, 2020. The new agreement aims to enhance management without increasing the advisory fee, ensuring continuity in portfolio management and investment strategy. This change will take effect after Franklin Resources, Inc. acquires Legg Mason, Royce's indirect parent company. The Fund, focused on long-term capital growth through micro-cap equity investments, is committed to maintaining its core investment objectives.

Positive

• Stockholders approved a new investment advisory agreement.
• No increase in advisory fee rate for the Fund.
• Continuity in portfolio management and investment strategy.

Negative

• None.

NEW YORK, July 14, 2020 /PRNewswire/ -- Royce Micro-Cap Trust, Inc. (NYSE: RMT) (the "Fund") announced that the Fund's stockholders voted to approve a new investment advisory agreement with the Fund's investment manager, Royce Investment Partners ("Royce")1, at today's Special Meeting of Stockholders of the Fund (the "Special Meeting").

"We thank our stockholders for their participation and strong support for the new agreement," said Christopher D. Clark, the Fund's President. "Approval of the new agreement ensures that Royce will continue to manage the Fund and execute the differentiated strategy that has delivered excellent relative performance for stockholders." 

The new agreement will become effective upon completion of Franklin Resources, Inc.'s acquisition of Legg Mason Inc., Royce's indirect parent company. There will be no increase in the contractual investment advisory fee rate for the Fund as a result of the implementation of the new agreement. In addition, implementation of the new agreement will not result in any changes to the Fund's portfolio management personnel, investment objective, principal investment strategy, or investment restrictions

About Royce Micro-Cap Trust, Inc.

Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of micro-cap companies.

For further information on The Royce Funds℠, please visit our web site at: www.royceinvest.com.

Forward Looking Statement

This press release is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This letter may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can sometimes be identified by the use of words such as "plan," "expect," "will," "should," "could," "anticipate," "intend," "project," "estimate," "guidance," "possible," "continue" and other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund's filings with the U.S. Securities and Exchange Commission, including the Fund's Annual Report to Stockholders on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with the Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund undertakes no responsibility to update publicly or revise any forward-looking statement.

Media Contact

Joele Frank, Wilkinson Brimmer Katcher
Lucas Pers
212-355-4449

¹ Royce & Associates, LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners.

View original content:http://www.prnewswire.com/news-releases/royce-micro-cap-trust-inc-stockholders-approve-new-investment-advisory-agreement-at-special-meeting-301093440.html

SOURCE Royce Micro-Cap Trust, Inc.

FAQ

What did Royce Micro-Cap Trust announce on July 14, 2020?

Royce Micro-Cap Trust announced that stockholders approved a new investment advisory agreement with Royce Investment Partners.

Will the new investment advisory agreement affect advisory fees for RMT?

No, there will be no increase in the contractual investment advisory fee rate due to the new agreement.

When will the new investment advisory agreement take effect for RMT?

The new agreement will become effective upon the completion of the acquisition of Legg Mason by Franklin Resources, Inc.

What is the investment focus of Royce Micro-Cap Trust?

The Fund primarily seeks long-term capital growth by investing in equity securities of micro-cap companies.