According to MBL the manager of Fortess is going to meet the target as at quarter ending 31 July (yesterday). My guess is that he will not be rebating for that quarter.
"Interest income is supported by the portfolio manager agreeing to rebate up to half of its fee per quarter if investors do not receive income of 4.5% per annum above the Australian dollar 90 day bank bill rate (calculated quarterly) after the initial investment period*" Morality would have led me to half the fee for that quarter. Wonder what he will do. I shorted this stock on Tuesday. If the manager doesn't half the fee maybe that's an indicator that they may be good for an another short position.
MBL
macquarie bank limited
According to MBL the manager of Fortess is going to meet the...
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