Well, Annexure A was probably the most illuminating thing I have...

Well, Annexure A was probably the most illuminating thing I have read since this thing listed

I think the 2 standout points of conversation will be Cash bleed and how little is and has been invested in the market. Maybe it has been taken out to cover the tax provision? Or swing and roundaout,- we drop the cash balance when we paid a performance fee but in turn the value of JBFG picks that back up?

Accountants will do a better job than me on this. Hard part is how do you return the performance fee without impacting the value of JBFG? Would we want say $5m returned to HML if it lopped $15m off the value of JBFG and makes that less salable? I'd think the market will value the performance fees differently than recurring management fee revenue from the LICs and that will impact the IPO of JBFG.

I think I can see what they've done. And all of this seems perfectly viable, its just you need to do this arms length to yourself.

One step closer anyway. Until ASX asks for another clarification and a breakdown of the pre 30 April 2017 NTAs - those between acquisition and first upward revaluation. I can smell that one coming now