Share
- Release Date: 22/04/14 18:45
- Summary: GENERAL: KFL: Kingfish Limited pays performance fee to Manager
- Price Sensitive: No
- Download Document 1.66KB
KFL
22/04/2014 16:45
GENERAL
REL: 1645 HRS Kingfish Limited
GENERAL: KFL: Kingfish Limited pays performance fee to Manager
Kingfish Limited (Kingfish) has paid a performance fee to the Manager, Fisher
Funds Management Limited (Fisher Funds) for the year ended 31 March 2014. The
performance fee is paid in accordance with the terms of the management
agreement between Kingfish and Fisher Funds. The performance fee paid to
Fisher Funds was $1,898,685 plus GST.
Kingfish's Manager, Fisher Funds, is eligible for a performance fee because
the Kingfish portfolio achieved a return for the year to 31 March 2014 in
excess of the Bank Bill Index rate plus 7% (the benchmark rate) and the High
Water Mark (the highest net asset value at the end of the previous financial
year in which a performance fee was paid, adjusted for changes in capital).
The performance fee is formula-driven with half of the performance fee
(exclusive of GST) applied by the Manager to subscribe for shares in Kingfish
at an issue price per share equal to the audited net asset value per share as
at 31 March 2014, with the balance of the performance fee paid in cash.
The performance fee has been accrued in Kingfish's net asset value per share
which is announced to NZX each week and at month end.
A new High Water Mark has now been set and in order for Kingfish to achieve a
performance fee for the 2015 financial year it will need to surpass the new
High Water Mark as well as the benchmark rate.
Enquiries to:
Alistair Ryan, Chairman - Kingfish Limited on 021 649 102
Carmel Fisher, Managing Director - Fisher Funds Management Limited on 09 484
0342
End CA:00249680 For:KFL Type:GENERAL Time:2014-04-22 16:45:39
