Ann: Net Tangible Asset Backing, page-39

I think you may be correct about who has a strategic investment in what -  but with Tom Milner and Todd Barlow in the camp it seems strange to have gone out there and raided HHall and then put it in with Pengana and now it isn't such  a steal as we all thought. In fact I think their investment in PCG must be underwater. 

So an investment house now has a strategic investment in a funds manager and why if they manage their own investments. I am less sure as to what value PCG adds to the mix and why it was so important to get into a bidding for control of H Hall.

Certainly the need for URB seems to get even more cloudy given the size.