Hi VVX, As Ratattack mentioned - I picked up the disclosure...

Hi VVX,

As Ratattack mentioned - I picked up the disclosure combing through the prospectus after BFC came up on my 'value' screen. These types of shenanigans seem to be flavour of the day for some of these Ag-related stocks which came to market over the past few years. Murray River Organics is another one you wouldn't have touched with a barge pole with 20/20 hindsight, but often enough if you go digging in the PDS and sometimes a little deeper it is amazing what you can find!

Rule of thumb used to be that you'd capitalise the $ management fee at 10x+ and subtract it from NTA to get somewhere around the discount the stock should trade at due to the skimming-off of value, but they are getting more inventive with the structures since Macquarie showed the way with some of its listed infrastructure stuff.