Performance, page-10

From an investors point of view BPAM is the fundamental problem with the current structure. If the share price suddenly climbs at a rate greater than the all ordinaries accumulation index, you could have the ridiculous situation where the company makes a loss for the year (they are already predicting a first half loss) yet BPAM get a performance fee over and above their normal management fee. Even if it happened when there was a profit, BPAM's performance fee would then reduce the profit making dividends to shareholders much lower.

The reason they continually push asset values is that this is how BPAM are paid for their management fee (1.2% of the portfolio value).

BPAM have made sure they are the real winners of this deal, not BFC and its shareholders.