Ann: Bartholomew Roberts Ltd 2017 Annual Report, page-2

You could see the quality of these "mercantile services" businesses in earlier reports when they bought them. Weak businesses, related parties, purchased with high goodwill for low consideration. Fast forward a year, and the businesses are revalued at ridiculous levels. Huge "profit" but no cashflow. Meanwhile, over $6 million in REAL cash is stripped out to the Manager in performance fees.

Does this look normal to you?
On 8 July 2016 the Company loaned $900,000 to Mr Bryan Cook, a Director of Risk and Security Management Ltd (R&S). The loan was secured against 600,000 of Mr Cook’s shares in R&S. On 1 March 2017 the Company accepted Mr Cook’s 600,000 shares in R&S as settlement of the loan, being a total consideration of $600,000. A loss of $334,311 was recognised on the transaction