Tank, page-49

Cherob

SOL will not be managing any of the money HHL mamages for its clients. SOL is a competitor to HHL. Any investors in HHL will not remain if their board says hey everyone, we are going to sack our team of 10 stockpickers and give your account to a competitor.

Not a single institutional client would stay

This is an investment in the fund manager. I personally think he needed cash, and fast, and a friend said we'll pick up your shares but if you leave your business is worth nothing, all your underperforming funds will be redeemed, so we will only value your business at 1 x the revenue of your LIC- whic money is always there

So if HHL shuts down- which I expect to happen within 12 months, SOLs shares might be worth didly but as largest shareholder they will be able to assign themselves the rights to manage the vehicle, or, offer shareholders a 1:1 of equiv from HHV into BKI. And then they have a new vehicle to launch their own international LIC

But even then I don't know why they would bother. They could do a placement for $200m tomorrow and list a new LIC.

Personally, I don't think HHL will be worth even $1 and they have bought into something that isn't worth much (Hmm, unless there are tax losses, hadn't thought of that)