Sold for $13m- now trading at $63m...what am I missing?

Okay, I still have a few shares, bottom drawer. Just trying to work this one out. Noticed the 148,900% winner just then like everyone else

So. the asset manager has been carved out of CTN portfolio and sold off through a staff buy out.

The new entity has 42 million shares, price was $1.49 just then, on its first day. My fat finger calculator says thats a $63m market cap

CTN held the fund manager asset on its books at around $10m, and sold it for $13m


What am I missing here?

How does something valued by the staff at $10m be sold to the staff at $13m and trade at $63m on its first day?

I am not suggesting anything improper here. I'm just trying to reconcile the difference

The new company raised 28.6m shares at $0.60 to fund the buy out = $17m

They then paid $13m for the manager leaves $4m less costs

I am missing something here aren't I