Ann: Appointment of M&A Specialist, page-10

Another thing to add is that Statseeker is 50% owned alongside a PE firm, who have someone on the TCN board. That implies TCN and NBC Capital will eventually sell Statseeker as that would be the best way to get the most $$$, as opposed to TCN taking over the remaining 50% (NBC Capital will be mandated to exit at some point). Its the kind of business that will sell on a revenue multiple of 2-4x so if they start to get some good sales growth for that business in FY16 the market should start factoring in the potential value of a trade sale. If they can triple revenues over the next three or four years the cash they could get from a sale could more than cover the current market cap.

That is a big 'if' though as sales for Statseeker have not impressed thus far, but I suspect it played some role in Pie Fund's thesis for going sub in TCN. I'll be waiting for that progress to eventuate.