Ann: Appendix 4D and Financial Report, page-8

Are you referring to this paragraph?

In calculating the Performance Fee for a Performance Calculation Period, changes in the Value of the Portfolio as a result of the issue of securities, capital reductions or share buybacks undertaken, payment of tax and dividend distributions made by the Company will be disregarded or adjusted for in a manner determined by the Company’s auditor at the conclusion of that Performance Calculation Period.


It would be quite misleading if "adjusted" could be the opposite or disregarded.
But even taking into account the $3m dividend the performance fee is $1.7m which implies an outperformance of $8.5m over the period! (20%)

I sent my question to the Wilson's management, the money café and Chanticleer. We'll see who answers first if at all.