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- Release Date: 31/07/13 10:35
- Summary: GENERAL: BRM: Strong return earns performance fee for Manager
- Price Sensitive: No
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BRM
31/07/2013 08:35
GENERAL
REL: 0835 HRS Barramundi Limited
GENERAL: BRM: Strong return earns performance fee for Manager
30 July 2013
Strong return earns performance fee for Manager
As a result of a strong year in which Barramundi Limited's (Barramundi)
adjusted NAV* increased 19.9%, the company has paid a performance fee to the
Manager, Fisher Funds Management Limited (Fisher Funds) for the year ended 30
June 2013. The performance fee of $659,043 plus GST was paid in accordance
with the terms of the management agreement between Barramundi and Fisher
Funds.
The performance fee has been disclosed and accrued in Barramundi's NAV since
January 2013 as announced to the NZSX each week and at month ends. The
calculation of the performance fee has been independently verified.
This is the first time since 2007 that Barramundi's Manager, Fisher Funds,
has been eligible for a performance fee. The Barramundi portfolio achieved a
return for the year to 30 June 2013 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 2013, with
the balance of the performance fee paid in cash.
*Adjusted NAV assumes all dividends are reinvested, but excludes imputation
credits.
Enquiries to:
Alistair Ryan, Chairman - Barramundi Limited on 021 649 102
Carmel Fisher, Managing Director - Fisher Funds Management Limited on 09 484
0342
End CA:00239120 For:BRM Type:GENERAL Time:2013-07-31 08:35:57
