JKL finally made steps to turnaround, page-8

JKL still retains the investment on its balance sheet ($8.4m at 30 Sep 17) and receives returns after management and performance fees. The $17m is used to raise capital, and I think is a reasonable valuation. The portfolio is well progressed and should be worth more than the investment already made. New investors pay more because they don't have to wait as long. (Another reason why I'm angry at the 14c capital raise is the investment already made is worth something.) We just don't get any management or performance fees that Kapp will now be receiving instead i.e. his payout for leaving.