To invest predominantly in companies domiciled, or with material operations, in Western Europe across various industries. The Company's investments are focused on senior secured obligations of such companies but investments are also made across the capital structure of such borrowers. The Company pursues its investment policy by investing net proceeds from share issues and treasury share sales in the Investment Vehicle.
The aggregate management fee payable to the Investment Manager and the Operations Manager is 1% p.a. of the Adjusted Portfolio Value in respect of the first GBP 1bn of the Adjusted Portfolio Value and 0.8% p.a. in respect of the Adjusted Portfolio Value in excess of GBP 1bn less the aggregate of the IM Advisory Fee and the OM Advisory Fee.
The Company intends to pay dividends to Shareholders equal to substantially the entire cash income it receives quaterly from its investment in the Investment Vehicle plus income from cash pending investment less fees and expenses in respect of that year, subject to the solvency test prescribed by Jersey law. The Company will target a dividend of 4.5 pence per sterling share for the next 12 months.