Ann: Appendix 4E & 2019 Financial Statements, page-7

Yeah, need a good sense of humor when looking at a stock like this

Also not surprising that BPAM (the manager) takes its fees based not on the market cap, not on net assets or net tangible assets, but as a % of gross portfolio value. Always helps to pick the biggest multiplier you can get away with, especially when you plug in your own assumptions or commission an 'independent' valuer to determine the number:

$2,438,144 base fee paid in FY19 is 1.2% of an implied Gross Portfolio Value of $203,000,000 (wonder if they'd actually get this if they sold up?)

...compared to Net Assets of only $80,113,000 (using this, effective base fee paid is 3.0%)

...compared to current Market Cap of $42,550,000 (using this, effective base fee paid is 5.7%!)

Wowsers!