Yeah, I think they will come good. Remember that out of that 40c...

Yeah, I think they will come good.

Remember that out of that 40c share price, about 32c is in cash or co-investments (Industria, and their other funds), and they still have the Nowra Masters which they are trying to sell off.
So as per the company’s ASX announcements, the embedded value of the mgmt. company is only about 8c (or ~$24M, for about $2.2Bn under management). Which is insanely cheap, given the multiples of recent transactions.

Two recent examples that come to mind is the sale of Generation (GHC), and when 360 Capital recently sold of their platform to Centuria for approx. 10x EBIT.

Finally all of APN's management have a some skin in the game – which is good news.