I understand the waterfall structure just fine. The returns from those early funds have been significantly delayed as court cases were delayed during covid. There’s a reason why later funds were changed so that returns to shareholders would be in parallel with NCIs.
There is a time value of money and those funds have been costing us plenty (in labour and capital) without return for a fair number of years now. If you discount those 80% returns by their wacc (let's say 12%) since their inception (~5 years), those returns start to look a lot less impressive
The business is solid but those early fund structures were a mistake
I understand the waterfall structure just fine. The returns from...
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$1.46 |
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Mkt cap ! $419.6M | |||
| Open | High | Low | Value | Volume |
| $1.45 | $1.48 | $1.41 | $142.4K | 98.16K |
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| No. | Vol. | Price($) |
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| 1 | 2811 | $1.46 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.48 | 3500 | 1 |
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| Last trade - 16.10pm 28/07/2025 (20 minute delay) ? |
| OBL (ASX) Chart |