Ann: Market Update - Preliminary Final Report, page-110

Well, doesn't really impact HML, but good luck unravelling those numbers

On the surface, you'd say a $90m company clearing near $5m in NPAT would be able to IPO and raise another $20m without too much difficulty, especially if it were bringing the JBFG assets into this cocktail. Add Genesis and ALGS into this also its at least a $100m IPO, Although the market will be the final arbiter of the value of all its pieces

The question is FUM growth for the fund manager units, taking a performance fee (which they have not yet done from HML- I believe) and then the sum of parts. I've seen plenty of fund managers trading at 30 times earnings and beyond. One is at $50m market cap and can't make a dollar, hasn't found a new client in 5 years and just burns cash. The market loves fund managers

All we as HML shareholders care about is can they raise the $30m (confirm?) in cash to buy out our holding in JBFG and then it is someone else's problem. Looks like they have $9m in cash. subsidiaries took out loans for growth? So they only need to raise $20m cash to buy us out. There is no way the IER won't say it is a fair AND reasonable offer, that's a given. The only question is will the other IER affirm the NTA

My comments to the numbers in this consol report are:

1. How is the R&SM worth $43m? Thats massive. $4k revenue? Anyone help me on 19.1 segment revenue? I'd expect at least $3m EBITDA on modest growth to have that kind of val. What am I missing?
2. Kings was the steal of the century. If they paid $14.5m for something turning $1.5m profit in 7 months then they are legends
3. Other Currency exchange- wasn't there another they did acquire?
4. American express currency- must not be concluded yet whch does not auger well. I would not expect the IER to come out before this is completed. Its a true 1 + 1 = 3. If they corner this market they'll be making a lot of profit on this as they will be price setters. AFAIAC this is the jewel in all the crowns.

Anyway. Now that the numbers are audited and released I expect the IER for the offer to close out reasonably quickly, with the other one waiting on AMEX.

DYOR