Here's Thorney's thesis. They were a substantial in Hub24 and...

Here's Thorney's thesis.

They were a substantial in Hub24 and rejected a takeover offer at $2.70 which the Board also dismissed.

Hub24 is now trading at ~$18.50.

They believe that the platform business within OneVue is worth more than the multiple being paid hence their 'sum-of-parts' valuation argument.

They believe the value is worth in excess of 80c but they can't identify a catalyst to get there. To date, no other industry player has shown their hand. The IRE deal was apparently two years in the making.

The Founder of the business believes 43c is worth cashing out of her magnum opus (in fact, she felt 40c was sufficient).

The business needs to be re-capitalised.

To date, no one else has publicly endorsed Thorney's view of the world.

I have sympathy for the Sargon deal, a gun was held to their head over a significant client pulling their account if the trustee business wasn't sold to Sargon. They didn't have the readies to back up their ambition and they burned 11c a share as a result.