Aqua Resources (Ordinary Share) H2O

Sector Specialist: Commodities and Natural Resources

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Estimated NAV (p)

1.00

Share Price (p)

 

Shares

Share Type Yesterday's
Closing Price
Discount / Premium Diluted NAV Gearing Dividend
Est Last
Ordinary Share 0.3p -56.2% 1.00p 1.00p
30 Jun
100%

Top 10 Holdings

Waterleau Group NV Convertible Loan 55.68%
Ranhill Water Technologies (Cayman) Ltd 32.98%
In-pipe Technology Company LLC 4.15%
Bluewater Bio International C 3.31%
China Hydroelectric Corporation ADR 2.30%
Bluewater Bio International 1.14%
Bluewater Bio International B 0.44%

Sectors weighting

Unlisted Equities 89.60%
Net Current Assets 8.30%
General Equity 2.10%
  • Investment trust info:

  • Sector Sector Specialist: Commodities and Natural Resources
  • Launch Date 24 Jul 2008
  • Base Currency GBX
  • Domicile Guernsey
  • Share Price (p)  
  • Share Type Ordinary Share
  • TIDM H2O
  • ISIN GG00B39T7V85
  • Shares Issued (M) 72
  • Market Capital (£M) 18.85
  • Gross Assets (£M) 43.05
  • Net Assets (£M) 43.05
  • TER (%) 3.31
  • Last AGM 29 Jun 2012
  • Next AGM 29 Jun 2013
  • Last Annual Report Date 27 Apr 2012
  • Next due Report Date 31 Dec 2012
  • Next due Report Type A/R
  • Objective:

  • To provide capital appreciation through exposure to a diversified portfolio of water-related investments. .
  • Management Group(s):

  • FourWinds Capital Management
  • Managed by:

  • Team Managed Start: 24 Jul 2008
  • Team Managed Start: 24 Jul 2008
  • Management Contract & Fees:

    The Manager will be entitled to a base fee equal to 2.0 per cent. per annum of the Net Asset Value of the Company. The base fee will be calculated at the beginning of each quarter in advance using either: (i) an implied straight line increase in Net Asset Value (excluding Cash) of 10 per cent. per annum on a basis which increases 2.5 per cent. per quarter over the most recently published audited Net Asset Value plus the actual value of all Cash; or (ii) if higher, the most recently published estimated Net Asset Value. As the quarterly calculation will be based either on an implied increase or on an estimated Net Asset Value, following the calculation of the audited Net Asset Value at the end of each financial period, the base fee payable over such financial period will be recalculated and any deficiency will be payable by the Company to the Manager. To the extent that such post-audit recalculation demonstrates that an excess fee has been paid to the Manager, any such amount will be deducted from the payment due to the Manager in respect of the subsequent quarter or quarters, up until the amount equal to the excess has been repaid. The performance fee will be payable where the Net Asset Value per Share at the end of the Calculation Period exceeds the Benchmark NAV per Share, which is the figure equal to the High Water Mark NAV per Share increased by 10 per cent. (or, if the period since a performance fee was last paid is not twelve months, an amount equating to an annual rate of 10 per cent.). The High Water Mark NAV per Share, is the Net Asset Value per Share at the end of the last Calculation Period in respect of which a performance fee was paid (or, if no performance fee has previously been paid, the Net Asset Value per Share immediately following initial Admission). The performance fee per Share will be equal to 20 per cent. of the amount by which the Net Asset Value per Share at the end of the Calculation Period exceeds the High Water Mark NAV per Share, subject to the Net Asset Value per Share never being reduced as a result below the Benchmark NAV per Share. The Management Agreement is terminable by either the Manager or the Company giving to the other not less than 24 months written notice. Such notice may only be given to expire on the seventh anniversary of the initial Admission of the Shares or on any subsequent two year interval thereafter. Under the terms of the Administration Agreement, HSBC Securities Services (Guernsey) Limited is entitled to an inception fee of EUR 10,000 (to be waived if the Company successfully raises at least EUR 250 million) and an administration and secretarial fee calculated as a percentage of Net Asset Value from time to time and subject to a minimum of EUR 25,000 per quarter, payable in arrear. The Administrator is also entitled to a transaction fee of EUR 35 per transaction, a minimum termination fee of EUR 5,000 in the event of the termination or liquidation of the Company, and may be entitled to a minimum fee of EUR 10,000 in the event of any future restructuring of the Company. The Administrator is also entitled to a corporate services management fee on a time charge basis, subject to a minimum of EUR 2,000 per calendar month, a fee of EUR 10,000 for the preparation of each set of financial statements and additional fees for any tax related services provided to the Company.

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