I'll do you a solid and give you some latitude, because the...

I'll do you a solid and give you some latitude, because the announcement's wording is ambiguous.

On my read, in this announcement BLA use "revaluation" to interchangeably mean "valued for a further time", or "had its value varied pursuant to this exercise" - two quite different things.

By way of example, note paragraph 3:

The above revaluations included 12 of the 28 assets in respect of which Blue Sky had accrued performance fees at 31 December 2017 and as a result of the above reviews, certain SAC assets and private equity assets have reduced in value.

Now, if "revaluations" in this paragraph means "had their value varied pursuant to this exercise", then the balance of the sentence doesn't make sense.

And coming back to the question of opacity: in the same paragraph, they say "certain SAC assets and private equity assets have reduced in value". In my view this is plainly saying "some of them had their values cut but we're not telling you which ones".

The fact we're even debating this just further highlights what a dog's breakfast their investor comms are.