I took up an allocation of shares in this backdoor listing of...

I took up an allocation of shares in this backdoor listing of claims processor Stream Group due to a small holding in LongReach Group.

The allocation at $0.205 is to provide sufficient number of shareholders to allow the ASX listing. Obviously this is not going to be a very liquid stock with the owners of Stream holding about 80% of the listed stock.

The company appears to have first class management and a very good history of profit and growth. They supply claims management in NZ (Tower) and Australia (RACQ). Downside is that each company is their sole source of income so they are hardly diversified.

Anybody else in a similar situation or have a view on Stream generally.

Thanks