BACITBulletin of Applied Computing and Information Technology (National Advisory Committee on Computing Qualifications)
BACITBeeston and Chilwell Integrated Transport (UK)
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In accordance with the amended Deed entered into between the Company, the General Partner and Farla Limited, Farla Limited agrees to provide office space, equipment and the reimbursement of expenses of the Management Team of BACIT GP Limited, which is the same as the management team of BACIT (UK) Limited, and to either pay directly or reimburse the Group in respect of specific overheads of the Management Team up to an amount equal to [pounds sterling]210,000 per annum.
The Company has appointed BACIT (UK) Limited as the Alternative Investment Fund Manager to the Partnership.
BACIT (UK) Limited out of pocket expenses (note 12)
BACIT Discovery Limited (formerly BACIT CHK1 Investment Limited)
Prior to the change in investment policy, the Group invested in one ICR Project, being a project to finance a programme of research to develop a CHK1 inhibitor (the "CHK1 Project") through BACIT CHK1 Investment Limited.
The investment in the Pioneer Fund has been made through BACIT Discovery Limited (formerly BACIT CHK1 Investment Limited).
The Group currently has invested [pounds sterling]3,133,000 in BACIT Discovery Limited with a further [pounds sterling]7,843,000 available at 30 September 2015 to invest in ICR Projects.
Structure BACIT Limited (the "Company") is incorporated in Guernsey as a registered closed-ended investment company.
The Company makes its investments through BACIT Investments LP Incorporated (the "Partnership"), in which the Company is the sole limited partner.
The Group makes an aggregate donation ("Charitable Donation"), in arrears, of one-twelfth of 1% of the total Net Asset Value ("NAV") of the Company as at each month-end during the period to charities, with half donated to The Institute of Cancer Research ("ICR") and half donated to The BACIT Foundation for onward distribution among other charities in proportions which are determined each year by the Shareholders.
The Group has entered into a framework agreement with the ICR effective 1 October 2012, not to knowingly make any investment (directly or indirectly) which contravenes the tobacco restriction contained in the investment policy of the ICR and not to promote any relationship with any other cancer charity other than ICR, except to the extent relevant to The BACIT Foundation.
Manager and Investment Advisor Since 19 December 2014, the investment portfolio has been managed by BACIT (UK) Limited (the "Investment Manager"), which is regulated by the Financial Conduct Authority.