A few more comments on the FY22 result.In the slide deck, they...

A few more comments on the FY22 result.
In the slide deck, they commented that the group was looking at acquiring a Debt platform (credit division). They definitely need some scale here - segment is unprofitable with only $44M FUM, so this move makes sense.

Does anyone know the meaning of 'asset warehousing' that they refer to re: the NZ property (Willis Street). Is this just corporate speak for transitionary ownership of the property before it is sold off into a PMG or other 3rd party fund?

Net cash at 70 cents per share on the pro-forma balance sheet after FY22 proposed investments/divestments. ($154M)
Very limited downside in the current choppy market, and provide some support for PE managers partnerships / co-investments.
Early days for the P/E strategy, but FibreConnex achieved a strong result, and it seems well suited to the 360 'DNA'.

Pro-forma NTA $1.03. I'll admit I have no idea what the accounting standards are on balance sheet valuations, but would prefer to see TOT holding at the MTM share price, not it's NTA value, as these are very different figures ($8 - $10M difference). Feel it would be more prudent to value based on the current sale value, only a minor gripe though. Put another way, if IAP stake was listed in the same way (NTA basis) would have to reduce the carrying value significantly. So it appears that IAP is MTM (ASX), whereas TOT is on NTA.