Wow - just saw this result. A lot worse than pretty much anyone...

Wow - just saw this result. A lot worse than pretty much anyone predicted I expect. As usual though you would think that they have just had a minor hiccup on the road to glory by the way things are described by the Chairman. He sure didn't put any time into explaining how the investment manager - his company - did their due diligence on their initial investments in Ferguson, NBI and Scorpio only to see them turn them into dust; or why him and the rest of the Board should keep their jobs after turning a highly liquid, ungeared company with investor funds of $148m into a debt laden company now with net assets of $80m and a gearing ratio of over 50%. Oh, and all this done while his company takes a management fee of $2.4m in 2019 which equates to an implied portfolio value of $203m!!! Seriously $203m?? - the underlying operations of the business lost $21m in 2019.

This company has no credibility with its forecasts and predictions which it has demonstrated time and time, and I think this from the 2018 Chairman's Report sums it up: "The result is that the Company has turned the corner and is looking at a stronger financial performance in the year ahead. The company has traded profitably in the period from July 2018 to date."