target price > $5.10 - $5.75, page-36

15May18.  BLA have reviewed 25% of FEAUM with nil material change to the value of FEAUM.

15May18.  The same review that saw no material change in the value of FEAUM will result in a $7M reduction in NPAT. This is due to reductions in performance fees associated with assets having reduced in value.

NPAT full year guidance (now withdrawn) was $34M. The $7M reduction is a 20% full-year profit reduction for a review that produced no material changes to FEAUM. And the review process has not finished yet.

Upramp/downramp/side ramp?.........the above are the words that the company is using. It is simple due diligence for an investor. I do not understand the numbers that the company is producing but will happily consider the opinions of others (as BLA have withdrawn all of their public guidance numbers in order to be more transparent)