You could see the quality of these "mercantile services"...

You could see the quality of these "mercantile services" businesses in earlier reports when they bought them. Weak businesses, related parties, purchased with high goodwill for low consideration. Fast forward a year, and the businesses are revalued at ridiculous levels. Huge "profit" but no cashflow. Meanwhile, over $6 million in REAL cash is stripped out to the Manager in performance fees.

Does this look normal to you?
On 8 July 2016 the Company loaned $900,000 to Mr Bryan Cook, a Director of Risk and Security Management Ltd (R&S). The loan was secured against 600,000 of Mr Cook’s shares in R&S. On 1 March 2017 the Company accepted Mr Cook’s 600,000 shares in R&S as settlement of the loan, being a total consideration of $600,000. A loss of $334,311 was recognised on the transaction