Interesting concept, but I would have thought at FND's current...

Interesting concept, but I would have thought at FND's current MC and rev levels, it wouldn't be on PEL's hit list yet. White label will help lift it, but I see their 16% investment as more an effective blocking stake, especially given the extremely low free float. PEL's buy in also gives a BSE listing more credibility.

Pretty much nothing on the sell side ATM, 58K units, but that includes one of 37.5K at $3.30. Very unusual situation for an ASX listed coy.

I'd also imagine that NS would have crunched the numbers and found that a BSE listing will be multiple times more lucrative (for him, us and TSI) than a TO prior (which is what I'd expect PEL to try soon after the WL approval, if that was their goal). Having 66% in the Top 20 of FND should help protect the coy, although we still have the unknown intentions of the top holder, Norfolk at 16+% - who have tried in the recent past to wrest control.

Obviously I'd prefer FND/TSI to remain independent until after BSE listing, but would expect this steady stair climb to continue until then, due to the WLL as well as NS comments in the past that dividends are now on the agenda.