Ann: Fiducian Group acquires $60M Funds under Advice, page-8

Value in this stock is getting to ridiculous levels. Half year underlying EBITDA of $3.92M. 22% increase in FUA from Dec 31st to 1.6M plus the biggest quarter of fund inflow just commenced. Expect $9M EBITDA for the full year with a $10M + run rate going forward all on a $57M market cap. SP price appreciation will come when management works out that all they need to do is turbo charge the dividend in a yield obsessed environment and finish up the share back which is a negative for the share liquidity.