Morningstar $2.10 valuation, page-63

I think it is you who doesn't get it ... your on-market strategy doesn't work, it is not viable, drop it. So there must be another means by which Kentgrove can raise these funds.

Firstly can we agree that MSB fits their investment strategy and as such would reasonably be considered a stock they would hold in their Kentgrove Capital Fund, yes.

Secondly they are being incentivised through a 4.5% fee and 1.5m options (which you have previously said is very high), in place of a discount. This is a commercial decision, and one that MSB and Kentgrove have agreed to be fair terms. Keeping in mind that if Kentgrove wanted to buy these on market in the same volumes, they would drive the price much higher! Rather they are now getting it at a VWAP with a discount in the form of an upfront fee and free options.

To support this, if you read Kentgrove's website, they do not look at short term volatility (yes they actually say that), they are more concerned about long term gain.

As such the size of the upfront discount should not form a significant part of their reason to buy or hold a stock, they are obviously here to chase the bigger fish!

Yes fund managers are impressive, impressive at making money for themselves and taking in performance fees. They are self serving individuals who make a motza before the retail investor makes a modest return. This transaction is no different ... as you suggest over and over again... 4.5% is a very substantial fee.