Page 22, ironically right before the paragraph you quoted on the performance fee:
"i) Management fee
The Group has a formal Investment Management Agreement with BPAM as the Investment Manager to outsource key management activities for a fee of 1.20% (exclusive of GST) per annum of the Group's portfolio value. This fee is calculated half yearly and paid monthly with an initial term of 5 years. During the year ended 30 June 2018, BPAM was paid $2,438,144 under this arrangement"
I suggest you.....nah, that would just be childish of me.........
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