JBL / JBFG announcement, page-7

The Manager collected millions in performance fees during 2017, largely on the back of JB Financial revaluations. Now HML holders will be issued shares as takeover consideration at a yet to be determined valuation following which they can sell into what is likely to be an illiquid market at far from certain prices. It remains to be seen how shareholders will gain, however the manager gains are already locked in.

Performance fees for unlisted investments should be paid on realisation, not revaluation.