Ann: Market Update, page-2

Really surprised to see such a mooted reaction to this announcement. It must be flying under the radar. Highlights for me included:
- Funds under management (FUM) rose 30% to $590m vs $460m this time last year
- Net tangible assets of $19m, despite paying out cash returns in previous year, as well as this FY
- Pre-tax profit in excess of $3.75 million, this is well beyond last year's figure of $2m, and before that FY12 was $800k
- Market cap circa 40m.

In my view this should cause a re-rate, however, a lot of these numbers are coming from one-off transactions such as the JASCO equity deal and the sale of Kent Street. But with both CAM and CIF both performing well as well as the Stocks in Value (SIV) deal with Eureka, for me this investment is in a sweet spot longer term.. Very happy with the announcement and am in the queue for more.