To preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. For these purposes, risk is defi ned as the probability of permanent loss of capital, rather than price volatility. In its value approach to investing, the Company seeks to invest in long (and occasionally short) investment opportunities that the Investment Manager believes exhibit signifi cant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition.
A management fee payable in advance each quarter in an amount equal to 0.375% 1.5% p.a. of NA attributable to the Fee Paying Shares. Generally the Investment Manager receives performance fees, in an amount equal to 16% of the net profits attributable to the fee-paying shares of the Company above a high water mark minus the Additional Reduction.
Each dividend is subject to a determination that, after the payment of the dividend, the Company will meet the solvency requirements under Guernsey law, and that, in accordance with the indentures governing the Bonds, the Company’s total indebtedness will be less than one third of the Company’s total capital. The Board may determine to modify or cease paying the dividend in the future. Dividend is paid quaterly.