Ann: Preliminary Final Report, page-2

Can anyone make sense of this:

Lion Manager provides management and investment services to Lion.
These arrangements were approved by shareholders at Lion’s AGM on 5 December 2012, with ongoing management fees of
1.5% p.a. based on the direct investments under management. During the year in accordance with clause 8.2 of the Management
Agreement and the closure of the Pani transaction, the invested capital increased from $63.3M to $100.5M. This has resulted in an
increase in fees from 1 March 2022. Management fees of $1,268,552 were paid in the current year. There is an incentive
applicable which would apply where Lion’s performance outperforms a benchmark. In addition, up to a 12 month termination fee
may be applicable should Lion seek to terminate the management agreement. Further details of the Management Agreement are
set out in the Notice of Meeting for the 2012 AGM, available on Lion’s website. As at the date of this report no incentive fee had
accrued with respect to the Lion Manager contract.

I've gone to their website and it only goes back to 2013 so can't dig out what's actually in this management agreement.

Seems very strange to have a management fee based on anything other than NAV - eg if NAV goes to 0, it seems Lion management would still be entitled to a management fee based on "invested capital" of $100.5m?