Salvus Strategic Investments Ltd (SSI) listed on the New Zealand Stock Exchange on 8 July 2004 following an initial public offering that raised $20.1 million.
Corporate Summary
| Investment Manager | Salvus Asset Management Limited |
| Investment Management Style | Long-term value |
| Benchmark | NZX SmallCap Capital Index and the NZX MidCap Capital Index
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| Investment Objectives | To maximize overall after-tax returns derived from cash dividends and capital growth |
| | To achieve superior increases in net asset value per share in comparison to movements in the Benchmark Index. |
| | To hold a large proportion of the investments on a long-term basis |
| Investment Universe | NZX-listed companies below the top 10 |
| | NZAX-listed companies |
| | Private Equity |
| Investment Parameters | To build a core portfolio of 5-15 investments over the medium term |
| Capital Structure | Closed-end listed investment company |
| | 20,570,674 ordinary shares (inclusive of Treasury Stock) |
| Management Fee | 1.25% per annum of the net asset value of SSI, calculated and payable monthly in arrears |
| Performance-related Fees | 15% of the out-performance of the Company's net asset value over the Benchmark Index (averaged over 3 years). The Manager will be paid 25% of any performance fee in the form of SSI shares issued at NAV.
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| Share Buy-back Facility | Up to 5% of shares outstanding per annum can be bought back on market and held as treasury stock for resale or cancellation |
| Gearing | The Board policy of SSI specifies it can borrow up to 20% of total assets |
| Dividend Reinvestment Plan | Dividends can be re-invested in SSI ordinary shares at a discount of up to 3% |
| Taxation Status | SSI registered as a Portfolio Investment Entity on 1 October 2007 |
| Shareholder Reporting | SSI's net asset value per share is published weekly to NZSX |
| | Annual and Interim reports will be sent to shareholders |
| | The Manager provides monthly and quarterly updates to NZSX for release to the market |