The 2.4m shares that traded on Chi-X appear to have wound up in...

The 2.4m shares that traded on Chi-X appear to have wound up in the hands of (tech fund manager) Thorney holdings who are now at around 10.5% share and are the largest shareholder if I'm not wrong.

The company is at a positive inflexion point financially, the Indonesia issue seems cauterised, users are north of 300k with a substantial ad campaign about to start and extend through to the AFL grand final, FUM is up over $1.3b, the user experience is excellent and continually improving, the underlying investments are performing very well for their customers, they appear to be doing this while remaining compliant with relevant laws and resilient to cyber issues. Even the annoying 'micro investing' tag has gone - unadvised boomers are waking up to the fact they can use Raiz to invest their big balances just as easily and (more importantly) as cheaply as millennials with their round ups and other gimmicks.

Is Thorney the only manager that can see this? They have been a pretty good judge of horseflesh in this space, look at their early move into HUB24 as an example. Sure if you bought Raiz in the last few years you are hurting but investing is about looking forward not in the rear view mirror. Where in this market can you get control of $1.3b in FUM and 300k of users for a $36m market cap?

Always saw possible exits for Raiz as maybe a Woolworths money type type acquisition or something to flesh out a membership program like frequent flyer etc. Betashares would have spent a bomb launching their Betashares Direct competitor - you'd think they might have run the ruler over Raiz as a going concern and punted all of the non Betashares funds off the platform.

Anyway, will be interesting to see if other managers or the wider market gets the potential after the Thorney announcement, after all they didn't top up their holdings to lose money, they presumably see this price point as a floor.