Ann: Business update - investment in JB Financial Group, page-7

"What % is this of their holding" is unknowable until you know what price they sell at. The price will determine the quantity sold.

We know HML invested initially $6.25 million and then participated in further capital raisings to maintain their 35.5% interest (although I lost track of where that ended and whether the 35.5% interest is still maintained).

It'd be nice to know what JBFG is currently valued at. Obviously we can assume it's moved significantly north since our initial purchase, given the acquisitions made and capital raised. If we're selling $5mil worth, maybe that will be around half our current stake? But yeah, who knows... it will come down to the price we get, ie: how much we have to sell to bring in $5mil. I'd hope we'll get more clarity once the transaction has been done, and of course ultimate clarity will come if this thing does get to IPO.

Importantly I think reducing our stake in JBFG at this time lets us bank some profits now while still maintaining a stake in the overall play, reducing our risk of it doesn't go as planned.

You're right about the leap of faith, but I think that applies to any LIC that has such a broad mandate. Importantly, Stuart and associates have a lot of skin in this game too. And as Stuart said in his recent video, you wouldn't put your whole house on a single funds manager. A portfolio breakdown in the NTA announcements (pie chart) would be much nicer than having to trawl through old announcements all the time and make educated guesses... but if they're too busy making money to spend time producing this, fair enough.