The JBL accounts came out this arvo and they refer to $7.1m of notes which matches this announcement and which "are traded and managed by Kings on behalf of Benjamin Hornigold Limited ('BHD') under a services agreement which provides for a minimum return of 9% per annum on the Australian dollar value of the banknotes. Realised returns over 9% per annum on the banknotes are retained by Kings as a fee for trading the banknotes on behalf of BHD".
They're listed under "Trade and other payables" as "Foreign currency bank notes payable (a)".
So they're owned by BHD but under the custody of JBL (Kings) for the purpose of trading under the management services agreement. I don't see how PFG could have a claim on them unless someone's been telling porkies?
Are the walls finally closing in?
The JBL accounts came out this arvo and they refer to $7.1m of...
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