The investment objective of the Company is to achieve long-term investment returns for private investors, including tax free dividends. The investment policy is to invest primarily in a diverse portfolio of UK growth businesses, whether unquoted or traded on AIM. Investments are made selectively across a range of sectors in companies that have the potential to grow and enhance their value.
Management fee of 2.5% p.a. of the NAV of the Company which is paid quarterly in arrears. A performance fee is paid up to 5% of NAV when the net return of the ordinary shares exceeds 8 % of NAV p.a.. To the extent that the total return exceeds the threshold, a performance fee plus VAT will be paid to the Manager of 10% of the excess.
Annual dividends each year and the level of the dividends will depend on investment performance, the level of realised returns and available liquidity. The following two guidelines shaped its dividend policy:The Board will seek to pay two dividends to Shareholders in each calendar year, typically an interim in September and a final dividend following the AGM in February/March; The Board will use, as a guide, when setting the dividends for a financial year, a sum representing 7% of the opening NAV of that financial year.