The current Barramundi share price is at the top of this page. Alternatively
you can ask any sharebroker, check in major newspapers or visit www.nzx.com and type in the ticker code "BRM".
Please contact our share registrar, Computershare:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road Takapuna Private Bag 92119 Auckland
Telephone: 09 488 8777 Fax: 09 488 8787
Email Computershare
There are two tax regimes that affect Barramundi:
- Portfolio Investment Entity or "PIE" regime (which commenced on 1 October 2007)
- Foreign Investment Fund or "FIF" regime (which commenced on 1 July 2007 for Barramundi taxpayers)
PIE Regime
Barramundi is a registered PIE for tax purposes. The PIE regime has significant advantages for shareholders:
Barramundi is a registered PIE for tax purposes. The PIE regime has significant advantages for shareholders:
- New Zealand tax resident investors:
- Natural person Shareholders or Trustees do not have to include dividend income from Barramundi in their tax return (although they can elect to include such dividends, which may be a benefit if the taxpayer is on a marginal tax rate that is lower than 28% and wants to claim imputation credits attached at the higher rate of 28%).
- Other shareholders only have to include fully imputed dividends as assessable income, in which case the imputation credits should usually fully offset any tax liability. To the extent that the dividend is not fully imputed, the dividend should be treated as excluded income (i.e. not taxable).
- No Resident Withholding Tax is withheld on distributions to New Zealand resident investors.
- Non-resident investors:
- To the extent that a non-resident investor receives a dividend that is not fully imputed, the dividend should not have Non Resident Withholding Tax (NRWT) deducted in New Zealand.
- NRWT may be withheld on fully imputed dividends (unless an applicable double tax treaty provides otherwise). Where this is the case, the investor will receive an additional supplementary dividend. This should compensate the investor for the amount of NRWT withheld on the dividend.
- The above refers to New Zealand tax only, the tax position of each investor will need to also be considered in their relevant jurisdiction.
- Imputation credits will be attached to dividends to the fullest extent possible.
- There is no tax on the distribution of capital gains to shareholders.
FIF Regime
- Barramundi has investments that are taxed under the FIF rules, and outside of the FIF rules (where they qualify under an ASX exemption).
- Under the FIF rules Barramundi will apply the fair dividend rate method to calculate its annual income tax liability in respect of these investments. For these investments, Barramundi will generally be treated as deriving taxable income each year equal to 5% of the market value. Barramundi will generally not be taxed on any actual dividend received or any capital gains from selling shares subject to the FIF regime.
- Where the investment is exempt from the FIF rules, Barramundi is taxed on dividend income that it derives. However, any amount received from the disposal of these investments generally falls into an exemption for income tax.
The net asset value (NAV) per share represents the total assets of a fund
or company (investments and cash) minus any liabilities, divided by the
number of shares on issue (excluding treasury stock). The Barramundi NAV is
calculated at the close of business each Wednesday and at month end and is announced
to the NZX the following day. We update the website with the latest NAV after
it has been announced to the market.
The NAV per share is calculated by taking the total number of shares held
in a portfolio company, multiplied by the share price at market close.
This calculation is completed for each company in the portfolio and added
to the cash amount held to get the gross asset value (GAV) of the
portfolio. Tax and other expenses are deducted from the GAV to provide the
NAV. The NAV is divided by the number of shares on issue (excluding
treasury stock) to provide the NAV per share.
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.
The Total Shareholder Return (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.
It is common for listed investment companies such as Barramundi to have a
share price that is different to the NAV per share. Where the share price
is lower than the NAV per share, the shares are said to be trading at a discount.
Where the share price is higher than the NAV per share, the shares are trading
at a premium. There can be many reasons for the shares trading at a value
different to the underlying NAV including expectations of future earnings
and market sentiment.
A share buyback is when a company buys back their own shares on-market.
These shares are held as treasury stock and are available to be reissued
to the market via the company’s dividend reinvestment plan.
Barramundi will only buy back shares if the discount to the last published
net asset value, after adjusting for any changes in the S&P/ASX200 Index
(hedged 70% to NZD) since the
last published net asset value, is greater than 6%.
In return for the performance of its duties as Manager, Fisher Funds is
entitled to be paid:
- Management Fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and payable monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the Manager's interests with those of the Barramundi shareholders. For every 1% underperformance (relative to the change in the NZ 90 Day Bank Bill Index) the management fee percentage is reduced by 0.1%, subject to a minimum 0.75% per annum management fee.
- Performance Fee: Fisher Funds may earn an annual performance fee of 10% plus GST of excess returns over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank Bill Index plus 7%) subject to achieving the High Water Mark ("HWM"). The total performance fee amount is subject to a cap of 1.25% of the adjusted net asset value (prior to performance fees) and is settled fully in cash.
The HWM is the dollar amount by which the net asset value per share
exceeds the highest net asset value per share (after adjustment for
capital changes and distributions) at the end of any previous
calculation period performance fee was payable, multiplied by the number
of shares at the end of the period.
Barramundi shares are listed on the NZX Main Board and trade under ticker
code "BRM". At times, you can also choose to invest in Barramundi by
buying Barramundi warrantswhen they are on issue.
If you would like to invest in Barramundi, simply purchase shares (or
warrants when they are on issue) through a sharebroker.
Barramundi does not charge entry or exit fees when shareholders purchase
or sell their shares or warrants, although transaction costs will be charged
when buying or selling through a sharebroker.
A list of NZX recommended brokers can be found here.