harcourt, page-12

Yeah you read it wrong, not that I really understood it all the as,e

They have to beat cash plus 4%
Then they have to exceed any previous w
High water mark
And have made all payments
Then they get 20% of anything more than that 7%
It's calculated and paid quarterly
But they can't earn more than 1% in any 12 month period
And they only can earn it in years one and two

It reads that at 5 years shareholders vote to extend it , and if they do it starts again the same way. Options, fees, 5year rule.
I guess they can rejigger anything
But they've got to list it first and then prove it can kill the discount factor.
If so, watch other lics do the as,e and more list right behind it