Ann: Half Year Results December 2015 - Media Release, page-2

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The modus operandi and moral philosophy of the Principals of BPAM in all of its corporate start-ups and successful company growth stories over the last twenty years has been to put the interests of its fellow shareholders first, before that of its own, notwithstanding that BPAM, may have unsatisfied financial and other entitlements. The focus of BPAM in managing BFC, as with other previous situations, has been to first build the wealth of non-BPAM shareholders before taking appropriate compensation for its own efforts. We believe this approach to be a fair and reasonable way of aligning the interests of management and shareholders, especially when BFC is in its early stages of growth.

For this reason BPAM has elected to waive its right to a performance fee, for the Half Year to 31 December 2015, as set out in the Notes to the Accounts.
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