RE: Anonymous Lending Facility, page-19

They are basically a fund manager selling unlisted property trusts. They make a lot of smoke and noise about being groundbreaking different via 'fractional property investing', but essentially their product is no different to that of property syndicators, with the exception that, in my view, it's generally an inferior product compared to that currently available on the market. They have moved into syndicated loans as well more recently.

So being a listed fund manager, they are totally reliant on growing their Funds Under Management (FUM) to generate revenue. The biggest problem they have is one of scale, or rather lack thereof. They are a long way from profitability. I don't remember what their breakeven level of FUM was stated as (mayafushi might remember), but I seem to remember it was well over $100m. They are at $30m now. So operationally, cash burn is a major issue.

Personally, I wouldn't touch either the stock of their funds. But that's just me.