# of AB1 Shares on Issue and current EBIT best guess., page-50

I mentioned a while back that PM is a useful lagging indicator. A 45% rise in a few days suggests that this is more than the price catching-up to the "fair value" and more likely a reflection of a fundamental change in business prospects. If it was the former, the price rise would typically be more incremental and measured, which has not been the case.

Why the sudden rush for buyers to hit the ask price? We know from experience that it's not a level playing field. Some market participants have access to insider information. Something positive is brewing in my opinion - major announcement, acquisition, turbocharged revenue growth, cap raise, new game/coin offering .... Could be any one of these, a combination or something else entirely.

The last time this happened, trading on PM rocketed higher well in advance of the unicorn capital raise being publicised.

Animoca is a bit like owning prime real-estate. We know it's in a top location where demand is high and the value should rise over time. Like property, we are spared the daily price fluctuations. We have a general feel for how the market is doing and we can keep an eye on comparable property sales, although we recognise the limitations of the data we have access to and the time lags. Every now and then, some data is released which helps us to re-value our real-estate and, least frequently but most importantly, we appoint an expert to conduct a detailed valuation appraisal.

So whilst we await the detailed appraisal (otherwise known as audited accounts), we are able to monitor blockchain gaming/ NFT trends, transaction volume for specific games, the progress and valuation of investments, and the price action on PMs. It's far from ideal, but so long as all these imperfect datasets are trending higher, similar to property, you might not be able to value it with any precision, but you have enough data to know whether your investment is worth holding.

Congrats to all holders.