Ann: Half-year audit review, page-11

If I take this and then increase the value of JBFG in line with JBL's latest offer I can maybe come up with an NTA of $1.77-ish. But that's based on using the current JBL share price and options valuation, using the $6.60 value in their announcement. In the longer term I guess it will come down to how the market values JBL and its constituent parts, particularly after the JBFG acquisition and hopeful ASX listing … all very uncertain given how long it's taken us to even get where we are now.

And I could be calculating it wrong. I'm basing it on HML owning 5,350,000 JBFG shares (so new valuation of ~$35.3m) which is an increase of ~$6mil from the value in the report. So maybe $54.2mil / 30,615,140 = $1.77 plus whatever trading performance they've achieved since Dec - but that could be negated if the audit/legal costs are still ongoing.

Given all these costs and the suspension, management fees should be refunded at the very least. Perf fees don't bother me too much since they shouldn't kick in again until the newly-released NTA goes above the previous high water mark?