My reading of the prospectus suggested a cap of 1% per quarter...

My reading of the prospectus suggested a cap of 1% per quarter not per year. Did I read it wrongly?
My comment on fees related to the fact that for a small LIC things like admin costs and directors fees which are a fact of life do add significantly to the overall fee burdon.(compared with the big LICs such as AFIC etc and this tends to lead to larger discounts. I was also assuming that this LIC would continue most likely beyond 5 years in which case the base investment management would continue at 1.666%