For anyone who is still in doubt as to the game being played by...

For anyone who is still in doubt as to the game being played by the existing directors here - see page 62 of the IER:

In FY18, JBL generated management fees of $1.7 million from these mandates which was largely from BHD and HML. In addition, JBL generated performance fees of $0.9 million in the same period.However, JBL generated a net loss on its investment management activities over this period.

Whilst JBL aims to generate long-term total returns from a specialised managed futures strategy, JBL has not generated any sustained positive returns on any of these mandates to date from futures trading with most gains being driven by the revaluation of unlisted investments.

- JBL does not have a favourable investment track record.
- JBL has a small investment team with key person risks.
- Any profit generated from the existing mandates is dependent on generating performance fees and/or securing external additional FUM. Performance fees have historically been generated by unrealised gains on unlisted assets and/or one-off transactions.