In the May update for the Ellerston Micro-cap fund, they stated that they had been hoping that a managed service agreement may be reached at some point, but they had not been expecting a full takeover for TAB wagering. They also mention that in the months prior to the takeover they had been slowly exiting the position due to the valuation.
Institutional fund managers have different performance and time pressures compared to retail investors.
Bet your shorts, page-477
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