In at 0.94 - even if it just repeats what it did last year it's...

In at 0.94 - even if it just repeats what it did last year it's in value by a substantial amount, but it is tiny so that might limit the rerate since no fund manager will be able to buy a meaningful stake.

Not as sure about the offshore expansion but Australia is a very rational and competitive environment now so wouldn't want them to be committing funds to funding lower quality cases for the sake of replenishing the case book so it's probably a higher spend / similar reward proposition really.