Ann: Notice of Variation of Offer, page-19

You would think, but take a close look at the announcement titled "Progress Report to Shareholders":
https://www.asx.com.au/asxpdf/20190628/pdf/4466cl8k6k1vw3.pdf

-- Quote ---
3. BHD has provided JBL with guidance that it considers that the only acceptable investments in the current circumstances consist of cash deposits held in the name of BHD at Australian Deposit Taking Institutions (ADIs) only. JBL as investment manager have been provided with instructions in this regard, although JBL maintains that it is not obliged to follow guidance provided by BHD. BHD is considering the consequences of this non-compliance, with terms of the MSA.
-- End Quote --

So to paraphrase:
BHD: We want you to stop loaning our money to related parties and just put our money in the bank.
JBL: We are JBL! We have a signed management agreement heavily weighted in our favour! We don't have to do anything you tell us! We will invest the money as we see fit!

Any guesses as to how JBL might be "investing" BHD's money?
More unsecured loans to related parties?
More high frequency trading generating huge brokerage fees?
More investment in unlisted assets generating huge performance and management fees?
Something new we haven't seen yet from McAuliffe and co?

I hope it's something new - the other stuff is getting predictable.