Ann: Quarterly Report for the 3 months ended 31 October 2020, page-8

thanks wcq, that's useful. So reading that, what do you reckon they mean by "direct investments"...it's an odd term to use...is it saying that the performance fee only applies to the unlisted direct investments like the Pani JV, but not the investments in listed entities like Nusantara, Celamin etc
Surely it couldn't apply to holdings in African Lion as that would already be subject to a fee payable to Lion Manager.
I wish they'd used clearer language, as the potential difference in fees payable is huge depending upon the meaning.