Over the year to 31 August 2013 (a long time ago now) Elephant Capital’s net asset value fell from 40p to 33p.
ECAP wrote down the value of its investment in Amar Chitra Katha Private Limited and listed investment, Nitco Limited, lost circa 38% of its value during the year.
The Board has changed the management fee to a fixed fee arrangement for the 12 months
ending 25 February in each of 2015, 2016, and 2017 of GBP 0.16 million per annum and there will be no more entitlement to carried interests in investments by the manager.