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Share Price
$0.59
as at 24/07/2017
Warrant Price
$0.01
as at 24/07/2017
Latest NAV
$0.6426
as at 19/07/2017

Portfolio Performance

Performance to 30 June 2017

  1 Month 3 Months 1 Year 3 Years
(accumulated)
Since Inception
(accumulated)

BRM Adjusted NAV*

+0.4% (1.8%) +2.9% +20.3% +35.0%

Total Shareholder Return*

(1.2%) (1.4%) +6.2% +23.4% +32.5%

Gross Performance^

+0.7%

(0.6%) +6.0% +32.9% +90.9%

Benchmark Index^^

+0.1% (2.6%) +14.7% +33.9% +25.2%

^Gross of fees and tax and adjusting for capital management initiatives

^^Benchmark Index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70% to NZD) from 1 October 2015

*Definitions of non-GAAP measures:

Adjusted Net Asset Value (NAV)
The adjusted NAV per share represents the total assets of Barramundi (investments and cash) minus any liabilities (expenses and tax), divided by the number of shares on issue. It adds back dividends paid to shareholders and adjusts for:

  • the impact of shares issued under the dividend reinvestment plan at the discounted reinvestment price;
  • shares bought on-market (share buybacks) at a price different to the NAV, and;
  • warrants exercised at a price different to the NAV at the time exercised.

Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and excludes imputation credits.

The directors believe this metric to be useful as it reflects the underlying performance of the investment portfolio adjusted for dividends, share buybacks and warrants, which are a capital allocation decision and not a reflection of the portfolio’s performance.

Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on issue), the net value of converting warrants into shares and dividends paid to shareholders.

TSR assumes:

  • all dividends paid are reinvested in the company’s dividend reinvestment plan at the discounted reinvestment price and exclude imputation credits, and;
  • all shareholders that have received warrants (for free), have subsequently exercised their warrants at the warrant expiry date and bought shares (if they were in the money).
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their dividends and, if in the money, exercises their warrants at warrant maturity date for additional shares. No metric has been included for investors who choose other investment options.



^Benchmark Index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70% to NZD) from 1 October 2015.