MLN
31/07/2015 15:34
GENERAL
PRICE SENSITIVE
REL: 1534 HRS Marlin Global Limited
GENERAL: MLN: Marlin Global pays performance fee
31 July 2015
Marlin Global pays performance fee
Marlin Global Limited (Marlin) 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 Marlin and Fisher Funds. The performance fee
paid to Fisher Funds was $1,179,457 plus GST.
Marlin's Manager, Fisher Funds, is eligible for a performance fee because the
Marlin portfolio achieved a return for the year to 30 June 2015 in excess of
the Bank Bill Index rate plus 5% (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).
In accordance with the Management Agreement, Fisher Funds will use 25% of the
performance fee to acquire shares in Marlin on market within 90 days.
The performance fee has been accrued in Marlin'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 Marlin's performance
will need to surpass the new High Water Mark as well as the benchmark rate.
End CA:00267794 For:MLN Type:GENERAL Time:2015-07-31 15:34:07
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