Ann: Update on JB Financial Group transaction, page-27

Some awesome things I have taken away from the notice of meeting and IER...

BRL made a profit of $12.2m from its sale of its holding in R&S to JBFG. This was not a cash profit, mind, but instead a paper profit based on the issue price of shares that JBFG issued as consideration for the acquisition. Much of the unrealised profit of BRL comes from.. the revaluation of JBFG. Much of the unrealised profits in HML come from.. revaluations of JBFG and BRL.

If the put option is exercised... JBFG is obligated to pay HML sixty seven million dollars in cash... and Leadenhall have determined the risk here is that the value of Crown Currency might not be enough to cover the payment amount... so basically the question of whether or not JBFG will have the cash to meet its obligations under a contract it is signing with HML isn't even worth mentioning? What?

JB Trading House has generated "very little revenue... from third party clients (parties not managed by JBL)."

HML has lost $5m this year and spent 3x as much on brokerage as it has made trading gains.

JBFG has spent $8.2m in brokerage but earned $4.5m in brokerage... that is confusing.

JBFG has lost $3.2m this year.

JBFG intangible assets of $60.8m. Deferred tax assets of $6.2m. Total assets of $96m. Total liabilities of $31.9m. Net tangible assets of... <$1. Cool. They had to issue more shares for working capital. Double cool.