Ann: Net Tangible Asset Backing, page-41

They bought the first 20 percent of HHL at $1.00 when it was trading at about $2.50! It was a completely bizarre scenario and they ended up in a bidding war with Wilson for the rest of the company and won then folded it into Pengana which they had bought a strategic stake in before the HHL thing presented itself. I remember at the time they talked it up as a play based around the growing amount of super available to be managed each year and thought that "boutique" asset managers would have loads of opportunities as people drifted away from the big banks. Whether that pans out or not I'm not sure but that was the justification on why they were so keen on financial services.