Yeah that's exactly right. The actual model and how it was...

Yeah that's exactly right. The actual model and how it was listed. Obviously Hamish Douglas has done a good job running their funds and inflows have been very strong. It took a few years to them to hit $1b in FUM but the attractiveness with these businesses is that they are very scaleable. You don't need a lot of extra resources to go from $1b to $10b in FUM.

I'm not saying CGA is the next Magellan, but the guys who were involved in that structure are at it again here. $25m market cap was obviously purposely lowly priced for an initial kicker on listing.

I'm sure they have a plan to roll out more funds to boost FUM in the short time which will its price. Pretty much no shares on issue, no real sellers and so a recipe to make money.