Ann: Update on Independent Review of Asset Valuations, page-2

Boom. So the chickens are coming home to roost and Glaucus has been proved to be right about the underlying valuations being too aggressive.

That's a scary prospect where a review of 12 out of 93 assets representing 25% of FUM results in a writeback of NPAT of $7m due to over-accrued performance fees because the valuations were too high. Admittedly a downward revaluation of assets where no performance fees have been accrued won't have an impact on NPAT, but this validates Glaucus' argument that the business model is fundamentally flawed.