It’s not about the paperwork. You actually need to have close...

It’s not about the paperwork. You actually need to have close relationship with the broker who is working on the deal to be given a parcel to buy. Just registering with Patterson’s is not enough.

These broker typically has a following of high net wealth who will take the brokers word that this is good deal and throws in wads of cash. Of course the brokers reputation is on The line due to the amount of trust their client have on them to make them a fat profit.

So in short going through the brokers sophisticated investor is for expediency. If you have a pool of sophisticated investors you still need prospectus, campaigns to promote and etc which is expansive and cumbersome.

JD has done well to secure the services of Patterson’s. The speed of which this money is raised is quite impressive.

I am keen to see what the 3b says about the fees that was charged and if this is mainly underwriting or purely investors who take this up.

More importantly if there is any change in substantial holding.