Marginal increase in NAV and dividend maintained at 1 penny (for the half year) payable on 29th November
However what is really interesting is this statement
Management performance incentive
In order to provide the Manager with an incentive to maximise the return to investors, the Manager is entitled to charge an incentive fee in the event that the returns exceed minimum target levels per share. Under the incentive arrangements, the Company will pay an incentive fee to the Manager of an amount equal to 20% of such excess return that is calculated for each financial year.
The target level requires that the growth of the aggregate of the net asset value per share and dividends paid by the Company or declared by the Board and approved by the shareholders during the relevant period (both revenue and capital), compared with the previous accounting date, exceeds the average base rate of the Royal Bank of Scotland plc plus 2.0 per cent. If the target return is not achieved in a period, the cumulative shortfall is carried forward to the next accounting period and has to be made up before an incentive fee becomes payable.
There was no management performance incentive fee payable during the year (2018: nil). As at 30 June 2019 the cumulative shortfall of the target return was 0.60 pence per share (2018: 2.68 pence per share) and this amount needs to be made up in the next accounting period(s) before an incentive fee becomes payable.
and I can't find any reference to a change in the incentive fee - have they learnt from the AAVC fiasco or is the board just doing the job it should do?
See you there, I hope.The Company's Annual General Meeting will be held at The Charterhouse, Charterhouse Square, London, EC1M 6AN on 27 November 2019 at noon.