I think @Jimmy_C makes a solid argument highlighting the much...

I think @Jimmy_C makes a solid argument highlighting the much lower private market valuations (both Ensurance UK and TKSR).

Interestingly, the loser out of this appears to be Tom.
Ensurance is now his original business with maybe $9m in cash. And he got <10% of the shares on issue in exchange for his business. He might have done better buying a shell and raising cash...
This isn't really fair though. Tom needed the listed vehicle to scale up the Aus business. I don't think he could have expanded the way he has without rolling into ENA.

Agree with @T.E.P. that it is unfair to compare the UK business to the Aus business on a GWP basis. Aus business is growing at a much faster rate and has much better margins. It's a better business in a better market.

On the downside:
1/ the opportunities for cross selling lines mustn't have panned out
2/ loss of geographical diversity
3/ loss of product line diversity

I bought in based on the growth of the Australian business and backing Tom as an operator. So not a thesis breaker for me.