Ann: Full Year Statutory Accounts, page-4

Does this mean that currently we do not owe any management fees howeve if the convertible note agreement goes through the company (BHD) will have to pay more or will it be refunded. What does repayable mean? (Emphasis added)

" The Investment Manager has charged management fees of $694,035 (2017: $88,019) and performance fees of $474,795 (2017: Nil) including GST during the period. The total of $1,168,830 has been expensed as the Company is input taxed and not eligible to claim the GST component. As at 30 June 2018 and 30 June 2017, all management and performance fees had been settled in full and, included fees attributable to the convertible note transaction with JBTH. Following the exercise of ASX's direction to obtain shareholder approval, the Company formed the view that the fee should be recorded as repayable subject to the outcome of the shareholder meeting. The Company has entered into a repayment for the amount refundable over an 18 month period with a 11.5% interest per annum."


Also most of the bank notes owned by BHD are given to the currency exchange:

" During the year the Company acquired foreign currency banknotes. The value of banknotes held at 30 June 2018 was $7,567,612. The banknotes are traded and managed by JBFX Wholesale Pty Ltd (JBFX), a wholly owned subsidiary of JBFG, on behalf of the Company under a services agreement which provides for a minimum return to the Company of 9% per annum (pa.) on the Australian dollar value of the banknotes. Returns over 9%pa. on the banknotes are retained by JBFX as a fee for trading the banknotes on behalf of the Company. As owner of the banknotes, any foreign exchange movement in the value of the banknotes is Benjamin Hornigold Ltd Directors' report 30 June 2018 6 for the account of the Company. For the year ended 30 June the Company incurred an unrealised foreign exchange gain of $168,534 and earned a return of $610,103 on the banknotes."