The Company will invest in a broad portfolio of unquoted growth and technology businesses. Allocation of assets will be determined by the investment opportunities which become available but efforts will be made to ensure that the portfolio is diversified in terms of sectors and stages of maturity of portfolio companies. The Company’s investment objective is to provide investors with a regular and predictable source of dividend income, combined with the prospect of long-term capital growth, through a balanced portfolio of predominantly unquoted growth and technology businesses in a qualifying venture capital trust.
Management fee 2.5% of NAV p.a. If NAV plus aggregate div per ord exceeds GBP1 as increased at 8% since commencement of trading, performance fee 20% of such excess. Total annual expenses, including the management fee, are limited to 3.0% of the NAV. Contract is terminable on 12 months notice.
the Board’s intention to continue to pay regular semi-annual dividends, as far as liquidity in the Company’s portfolio permits. However, the Board considers it appropriate to move to a variable dividend policy targeting an annual dividend yield of around 5%, based on prevailing net asset value rather than at a fixed rate, as it has been in the past. Semi-annual dividends will be paid, calculated as 2.5% of the most recently announced net asset value when the dividend is declared.