The realisation pool will be managed with a view to maximising investment returns, realising investments and making distributions to the holders of realisation shares as realisations are made. The realisation pool will only be permitted to invest cash allocated to it upon its creation in follow-on investments into existing portfolio companies and MMP made within 3 years of the creation of the relevant realisation pool. Cash generated on the sale of an investment in the realisation pool may not be re-invested. Cash in the realisation pool may be held back for reasonable working capital purposes but, subject to such holding back, cash resulting from realisations and cash allocated to the realisation pool on its creation and remaining uninvested on the third anniversary of its creation will be promptly returned by MVI LP to the Company.
The Manager receives monthly management fees from the Master Fund not exceeding 2% of the NAV before incentive allocations of each class of interests in the Master Fund, payable monthly in arrears. The management fee on the 2016 realisation share interests is calculated by reference to NAV before management fees and incentive allocation less the aggregate value of cash and near cash investments attributable to the 2016 realisation share interests.
The Board intends to satisfy its Ords Distribution Policy by distributing at least 50% by way of dividends, with the remainder by way of share buybacks, at this time, the most suitable method through which to satisfy the Policy is to distribute the full amount required as dividends. Accordingly, the Board has resolved that, until further notice, all distributions under the Policy will be made through dividend payments on a quarterly basis.