Under the terms of the Investment Management Agreement, the Investment Manager will be entitled to an annual fee (exclusive of VAT, which shall be added where applicable) of: 0.9% on the net asset value excluding cash or cash equivalent assets up to and including US$650 million; 0.8% on the net asset value of the Company excluding cash or cash equivalent assets exceeding US$650 million up to and including US$1.3 billion; and 0.7% on the net asset value excluding cash or cash equivalent assets exceeding US$1.3 billion. Management fees are calculated and payable quarterly.
Cash equivalents include US Treasury Bills.
| Six months to 31 July 2022 US'000 | Six months to 31 July 2021 US'000 | Year to 31 January 2022 US'000 |
|---|
| General administrative expenses | 202 | 239 | 511 |
|---|
| Administrator's fee | 74 | 55 | 92 |
|---|
| Auditor's remuneration for audit services | 121 | 113 | 248 |
|---|
| Directors' fees* | 198 | 102 | 249 |
|---|
| 595 | 509 | 1,100 |
|---|
Expenses relating directly to a share class are charged directly to that share class. Expenses pertaining to both ordinary and C shares are split equally between the share classes.
* Each Director, appointed at the time of the C share issuance, received a one-off fee of £5,000 (US6,953 equivalent) which covered services relating to the initial listing of the Company's C shares in the year to 31 January 2022.
| Six months to 31 July 2022 | Six months to 31 July 2021 | Year to 31 January 2022 |
|---|
| Ordinary shares | US$'000 | $ | US$'000 | $ | US$'000 | $ |
|---|
| Revenue return on ordinary activities after taxation | (2,835) | (0.57) | (3,645) | (0.75) | (7,238) | (1.47) |
|---|
| Capital return on ordinary activities after taxation | (136,408) | (27.26) | 83,252 | 17.15 | 51,460 | 10.46 |
|---|
| (Loss)/profit and total comprehensive (loss)/income for the period | (139,243) | (27.83) | 79,607 | 16.40 | 44,222 | 8.99 |
|---|
| Weighted average number of shares in issue | 500,430,002 | 485,476,079 | 491,934,440 |
|---|