Ann: June 2022 Funds Under Management and Performance Fee Update, page-8

Hmm, I don't know, maybe:

A reverse listing avoiding all the associated fees and red tape of floating the manger;

A heavily skewed ownership interest in the favour of Regal Holders;

Obtaining the FUM of VGI which is predominantly held captive in closed funds, enjoying guaranteed fees and capital protection;

Overwhelming bargaining power, given Rob was essentially in the midst of shareholder revolt. It was either merge, or wind up;

Seemingly instant liquidity for Regal holders to sell, which is why the share price has collapsed;

The fact trying to float a listed fund manager is tantamount to trying to list a coal miner in the current climate...

I could go on.

Just a few factors, but at the end of the day it's all a calculation of fee attracting FUM, and a desperate seller.

I dare say Rob's time in the funds management space is becoming less likely as time goes on. More so, if Regal want to maintain an image of outperformance.