|
Description |
Closed-ended Guernsey Company |
|---|---|
|
Admission to LSE |
4 June 2007 |
|
Domicile |
Guernsey |
|
Shares in issue |
35.95 million |
|
Debt |
Target of 65% |
|
Manager |
Matrix Property Fund Management (Guernsey) Limited, regulated by the Guernsey Financial Services Commission |
|
Board |
Crispian Collins, Stephen Coe, Jan van der Vlist, Roger Phillips, Wessel Hamman |
|
Investment Adviser |
Matrix Property Fund Management LLP |
|
Performance Fee |
20% of total shareholder return above 10% hurdle (subject to high watermark starting 31 December 2008) |
|
Distribution Policy |
Half-yearly |
|
Adjusted NAV per share |
278p (as at 30 June 2011) |
|
Portfolio |
Real estate |
Company Summary
The Company is an investment company with limited liability, incorporated and registered in Guernsey as an open-ended company on 21 December 2005 for the purpose of investing in European commercial real estate. The Company became a closed-ended Company on 25 April 2007 and was admitted to the Official List of the UKLA and to trading on the London Stock Exchange on 4 June 2007 and admitted to the Official List of the Channel Islands Stock Exchange on 5 October 2007.
Investment Objective and Policy
The Group's investment objective is to undertake an orderly disposal of the Group's assets by the end of 2013 in order to return maximum capital to shareholders and discharge all of the Group's liabilities. During this period, the Group may not make new acquisitions of real estate assets except where required to preserve and/or enhance the disposal value of its exisitng assets and the Group will adopt a policy of progressively reducing its gearing and swap liabilities throughout the disposal programme.
Management Fees and Expenses
The total expense ratio is estimated to be 0.75 percent per annum of Gross Asset Value, including management fees of 0.15 percent of Gross Asset Value payable quarterly to the Manager, and other expected external costs of administration. The estimate could vary for bid and investigation costs beyond the anticipated level.
The Manager is entitled to earn an acquisition fee of 1 per cent. The Manager is also entitled to an annual performance incentive fee of 20 percent of Total Shareholder Return in excess of a hurdle of 10 percent, subject to a high watermark starting on 31 December 2008.