Ann: Market Update - Preliminary Final Report, page-115

I met them last year during a presentation. I don't mind that they have done this. They also said then that this was their plan, so it wasn't an about face.
At the presentation they said that the market values Fin Companies/ Fund Managers up to high multiples which is true. On that basis good for JBL to be that company and have ambitions
What I do think confuses the market is that some of the transactions are inter related and that HML was involved, and HMLs NTA was accelerated through it, and not the trading. If they were transparent about that then there would be much more goodwill. As I said I am glad ASIC came in and had a look. Because of what they did find it would appear that they went through the company fine tooth comb. And I would think it is safe to say they didn't find any ponzi scheme fraud on the trading portfolio, just questions about how much the value on the NTA really is. Although hard to say "just" about that.
Where they have let themselves down perhaps again is letting all this turn into a 3 month suspense-drama, which has overshadowed the trading portfolio of both HML and BHG. My back of napkin recalc showed that HML trading portfolio did make 100% in CY 2016 year also, albeit off a smaller $ amount invested in the market than I thought so they still do that.
NTA for BHG out today I expect, unless I've missed it. Will be very interested to hear what the captain writes. Surely he can find a way to tell us what the fund managers' performance has been in August? BHG is just a concentrated version of HML so you'd think there would be correlation between the 2