Geoff Wilson receives 20% of the management fees from ALF every...

Geoff Wilson receives 20% of the management fees from ALF every year which would explain why he hasn't wound it up yet.

In terms of your question about what changed, have a look at the investment team supporting JB - they all left in 2016/2017 and since then it's been a revolving door. Pull up the half-yearly roadshow presentations and you'll get my drift. Clearly the original team was very good hence the very good performance. Makes me think that JB just got lucky by assembling good people under him - hasn't had the same luck ever since. I remember I used to particularly like speaking with Joshua Ross and Omkar Joshi 5 years ago at the investor meetings - very sharp guys and always eager to share their investment wisdom. I really hope JB finds a good team soon, otherwise, the downward spiral will continue no doubt.