The Investment Manager’s performance is evaluated informally regularly, with a proper evaluation carried out on an annual basis by the Board when performing the capabilities of a administration engagement committee. The Investment Management Agreement is reviewed as part of this process as referred to on web page 27. The Board recognises that, as a closed ended firm, it’s in the long-time period interests of shareholders to cut back discount volatility and believes that the prime driver of reductions over the long run is performance. The Board, with its advisers, screens the Company’s low cost ranges and shares may be bought again should or not it’s thought acceptable to do so by the Board.
- The Company’s investments are managed by Chelverton Asset Management Limited underneath an agreement (‘the Investment Management Agreement’) dated 30 April 2006 (efficient from 1 December 2005).
- The Directors don’t at present intend to concern or