Glaucus are STILL short, page-21

Ha, no i don't think so, this is going to still get worse. Wait and see what happens when the market starts demanding that they provide updates on some of the other projects and they start using the terms, medium term investment, the asset class is at a low point in the cycle. Plus the changes to the accounting practices will see them re-state their accounts and its going to be a blood bath. They essentially admitted it in the market update, hence why a week later they are withdrawing their profit range. I think if the commentary in the media is correct, they have recently brought in new lawyers (freehills from memory) to provide advice. That advice would have been any commentary you make around the "profit" will be ridiculed by the market if its not right, and when you then have to issue 2 sets of financials, the lawyers circling for class actions will be given all the ammunition they need to attack you. So get on the front foot and withdraw any advice on the profit for the year. I cannot believe for a minute that under the re-stated financial that they will be profitable for year end 2018 - and reading between the lines, neither does the current CEO / Managing Director.

Also, until such time as they stop making silly comments around their AUM, then this will never have the confidence of the market.

If you want to be a property development company, sure, base your commentary on the total value of the projects / holdings.

If you want to be an alternative asset manager, then measure yourself on the amount of cash you have invested in each fund. End of story.

For what its worth, the development management fees that they are charging are an industry model (assuming that they are charged at an industry rate) but they shouldn't be lumped into the management fees. Blue Sky has to start disclosing separately its:
a. Fund Management Fees
b. Development Management Fees
c. Performance Fees
d. Due Diligence / Fund Establishment fees

Then the company will become potentially invest-able... maybe... if the damage hasn't been done permanently.