Secured Income | Charges & gearing

Charges

AIC ongoing charge plus performance fee (%)
2.39
AIC ongoing charge date
30/06/2020
Management agreement
For 12 months from 17 September 2020 to 16 September 2021, to 0.75% p.a. of the Company's NAV; and from 17 September 2021, to 0.55% of the Company's NAV. From 17 September 2020, the Investment Manager is entitled to a performance fee. The performance fee will be calculated using the most recent NAV prior to the Company failing the June 2020 Continuation Vote (being the NAV as at 31 May 2020) as the benchmark NAV. The introduction of an outperformance fee, under the terms of the amended Investment Management Agreement, states that KKV will be entitled to 10% of all funds returned to Shareholders in excess of the Benchmark NAV within 12 months from 17 September 2020, reducing to 5% within 12-24 months. Effective from 17 September 2021, the notice period applicable to termination of the Investment Management Agreement by either party was reduced from 12 months to 4 months.

Gearing

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