Page 17 and 19 of the report. JBFG doesn't make a profit. JB markets doesn't make a profit. Kings made 1.8m. JB Alpha made 153k.
Why are these worth many millions of dollars again?
Page 19 shows around 21k revenue from financial services and mercantile services. How are these businesses worth so much again? How does 17k revenue translate to a segment result of 7,054k?
They bumped up their ownership of all these subs, mostly by the issue of shares to a group subsidiary. It mentions that RSM was restructured with a share swap. The valuation looks like the implied value set by the internal transactions.
I'd love to know, can anyone help me out? If I've made errors please point them out.
Ann: Market Update - Preliminary Final Report, page-118
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