entitlement offer, page-8

i'm trying to get my head around the fees for the managers.

Can somebody correct me.

Annual management fees are 1% of total assets net of cash, or now about 4%??? of equity, rather than 5%?

They get a transaction fees. I assume they'll want 3%? of the transaction values. So bought $198m worth, - so fees are $6m?, and sold $155m - so fees there are about $4.5m.

So has this (say) $10m of fees been included in the presentation they gave? I can't find it. I assume that still needs to be subtracted.