Ann: 2023 Full-Year Financial Results Analyst Presentation, page-22

I don't get it, Kerr is quite deliberately stepping aside because goofing around with $600m of your own money is just a lot more fun than dealing with $17bn of clients' money and all the BS that comes with it.

He's clearly in discussions with key players as a major shareholder but he's delegated the job of running the business to others which is wise - I would say that as I've essentially done the same thing with PTM on a much smaller scale of course.

What's the advantage of going private?

It's hard to see this as a takeover because it's not hard assets it's largely intangible but I agree it's a reasonable probability as obviously there's a lot going on in the sector and it's out of favour (IMO).