Ann: Update on placement securities, page-22

Well, going by the Company's disclosures, historically they have done this:

- paid $6.3m for shares in JBFG
- paid $4.1m for shares in BRL
- incurred (and paid) over $7m in performance fees to JBL (largely based on revaluations of the above two investments)
- also sent an additional $2.8m in the direction of JBL by acquiring shares
- paid out $5m in dividends (a large chunk of which went to related parties)

Their last financials said they had about $1.2m in cash as well as around $3m with their broker. $3.5m in listed investments (if you take away the JBL investment). $600k in derivatives. Close to $20m sent in the direction of related parties, though. So my mind asks the question - what portfolio management style?