The most obvious is the back door listing of the management company. Considering Phil will own like 40% of the newly formed management company - it's now an easy way to trade/cash in.
Given the dire state of most listed investment managers - it probably would have been shy impossible to list otherwise. The IPO market would have been sparse to say the least.
As a holder of both VGI funds and Regal - I am pleased with the proposal. But then again, if I was solely holding funds in regal my tone would be different. I have an obvious conflict of interest.
I do think 2/3 ownership interest provided to Regal compensates them for the relatively tarnished VGI brand. There is also the fact a large chunk of VGI funds are held captive in closed investment vehicles. The increased FUM and the fees collected is a boon for Regal shareholders.
I am more interested to know how they will structure the underlying funds once merged. I didn't read all the documentation in detail yet, but I don't think that's been outlined.
As recently posted, the activist movement to wind up or convert the two VGI LICs will continue by the looks of it. It's been a shocking run since inception, but today feels like a positive step forward (for VGI holders and investors in their funds).
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