Ann: Acquisition and Associated Equity Raising, page-26

There's always a lot of churn around a capital raise (so IMF not unique). When it's something that's strongly earnings accretive (eg. a rollup on a PE of 15 buying a business on a PE of 8) the share price often jumps. When fair-value with synergies is to come down the track ... SP is often flat or slightly negative as traders take small stag profits.

IMO this is a medium to long term play. Paid a fair price and IMO have little effect on immediate cash flow based valuation. Once they leverage the footprint by launching new funds we should see the re-rate.

I'll likely top up if SP is slightly above $3.40 - otherwise will buy a bit more on market.