what does the deal mean?
1. Apolo effectively becomes largest shareholder with ~40% holding of the new HFA;
2. Thew "new" HFA will gain distribution channel - the increase in FUM is hard to predict - however a 10% additional allocation from existing Apolo investors to Lighthouse would double HFA FUM size (a 1% additonal allocation would increase HFA FUM by 10%);
3. More scruitny in the HFA business operation - this should give investors more confidence - it will be harder for management to rort at the expense of shareholders;
4. It also affirms HFA's fundamental value;
5. With 3 new directors on board, it is inevitable Spencer Young will have to leave.
first impression
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