OK. Trying to decipher the performance fee is difficult. Last year was easy. 5 cents per share = 17.5% of the gain in pre tax nta of 29 cents. This year is different. I suspect there is some fee held over from the previous year (because fee can only be paid out of free cash) and I'm guessing this to be around 3c per share. Gain in pre tax nta (since end of last financial year) as per today is likely to be around 55c (with pre tax nta of $2.08), which equates to 9.5c per share management fee. Add last year's 3c and we get 12.5c of management fee. Some of this will already be deducted from my $2.08 and I think there some complex maths in their for the calculation. Anyway, we'll find out next week. My guess is between $2 & $2.03 for pre-tax nta (including deduction of management fees).
BTI Price at posting:
$1.49 Sentiment: Hold Disclosure: Held
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