$1.9m of that loss (since June 2022) is in their share of Vintage Wine Estates (VWE). Conveniently VWE, Bespoke Capital, the escrow arrangement are not discussed in this update (no longer a "major investment"). Details of VWEs significant impairments to goodwill due to be booked by end of April: https://ir.vintagewineestates.com/news/news-details/2023/Vintage-Wine-Estates-Provides-Preliminary-Results-ofFair-Value-Evaluation-of-Goodwill-and-Tradenames/default.aspx - and I'm assuming (some estimate) is included within the current valuations shown in the presentation.
*And I'm assuming this is the same TWE that delisted from the TSX in March 2022, now only on NDQ, despite the December 2022 report information.
For historical performance of assets disposed, I find the update's table 3 talking in terms of MOIC (Multiplier of Invested Capital) fairly unhelpful. Indicatively anything less than a "1" is a loss. I'd much prefer to see IRR listed (how much gain over how many years, as annualised return) and a straight $ profit/loss number. It's an investment company - we get it - not every investment will pay off. But showing losses as a 0.8 x multiplier doesn't help (me) gauge performance.
Hopefully the new investment manager can tidy up the reporting, along with the portfolio !
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