what does the deal mean?1. Apolo effectively becomes largest...

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.