BRM
31/07/2015 15:16
GENERAL
NOT PRICE SENSITIVE
REL: 1516 HRS Barramundi Limited
GENERAL: BRM: Barramundi pays performance fee
31 July 2015
Barramundi pays performance fee
Barramundi Limited (Barramundi) has paid a performance fee to the Manager,
Fisher Funds Management Limited (Fisher Funds) for the year ended 30 June
2015. The performance fee is paid in accordance with the terms of the
Management Agreement between Barramundi and Fisher Funds. The performance fee
paid to Fisher Funds was $136,147 plus GST.
Barramundi's Manager, Fisher Funds, is eligible for a performance fee because
the Barramundi portfolio achieved a return for the year to 30 June 2015 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
Barramundi at an issue price per share equal to the volume weighted average
price over the last five trading days in the year ended 30 June 2015, with
the balance of the performance fee paid in cash.
The performance fee has been accrued in Barramundi'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 the Manager to
achieve a performance fee for the 2016 financial year Barramundi's
performance will need to surpass the new High Water Mark as well as the
benchmark rate.
End CA:00267792 For:BRM Type:GENERAL Time:2015-07-31 15:16:33
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