Ann: FY 2016 Results Presentation-OVH.AX, page-7

The net loss increased in the first half of 2016 due no performance fees made for that period. Equity markets overall weren't fantastic during that time.

The company is still well capitalized and is growing its offering and its business, probably at the cost of a better looking balance sheet right now.

As a DVA holder, you're moving into a company that provides a more comprehensive service offering by itself and as the merged entity with DVA, better growth opportunities, and as for the balance sheet, analysts have said costs synergies could be in the ballpark of $4 million by 2018.

Whilst I sort of understand the apprehension from investors that are technically moving from a profitable company into one that isn't right now, the market obviously believes that OVH and their platform/unit registry solution has got more in it for the future than DVA, and apparently so do the DVA board considering the terms of the merger.

I also believe OVH could be a buyout target from someone like IOOF looking to refresh a tired platform. They went hard at Hub24 but the price wasn't right. Perhaps OVH, if this merger goes through, could be a target.