Calendar schreef op 21 april 2022 12:37:
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Ik geloof niet dat je gelijk hebt. Zie hieronder. Er staat namelijk: Before deduction of any dividend paid or the amount of any redemptions or
repurchases of shares (or other relevant capital adjustments). Ik meen hieruit op te maken dat er een correctie moet worden gemaakt voor aandeleninkopen die de NAV verhogen.
The investment manager is entitled
to receive management fees equal
to one and one-half percent (1.5%)
per annum of the NAV of Tetragon
payable monthly in advance prior to the
deduction of any accrued incentive fees.
Tetragon will also pay to the investment
manager an incentive fee for each
Calculation Period (as defined below)
equal to 25% of the increase in the
NAV of Tetragon during the Calculation
Period (before deduction of any
dividend paid or the amount of any
redemptions or repurchases of shares
(or other relevant capital adjustments)
during such Calculation Period) above
(i) the Reference NAV (as defined
below) plus (ii) the Hurdle (as defined
below) for the Calculation Period. If the
Hurdle is not met in any Calculation
Period (and no incentive fee is paid),
the shortfall will not carry forward to
any subsequent Calculation Period.
A “Calculation Period” is a period of
three months ending on March 31, June
30, September 30 and December 31 of
each year, or as otherwise determined
by the Board of Directors of Tetragon.
The “Reference NAV” is the greater of
(i) NAV at the end of the Calculation
Period immediately preceding the current
Calculation Period and (ii) the NAV as of
the end of the Calculation Period ending
three months earlier than the Calculation
Period referred to in clause (i). For the
purposes of determining Reference
NAV at the end of a Calculation Period,
NAV shall be adjusted by the amount of
accrued dividends and amounts of any
redemptions or repurchases of shares
(or other relevant capital adjustments)
and incentive fees to be paid with
respect to that Calculation Period.