Update on IRR from the LSE blog, page-4

DGR is essentially a venture capitalist. The safest way to play that game is to seed new ventures then bring in new capital through multiple raises and not participate to further to spread risk. A diminishing share of a growing company is less risky than using valuable cash reserves or selling assets to maintain market share in  the entire investment portfolio.
  NMs farming assets may be cashflow negative. He will have limited cash and will need to periodically sell assets.  NM has a lot of SOLG options to convert but I believe a cash offer will be made for the options avoiding cash being found for their exercise.
   NM has a big exposure to IRR via DGR. IRR is spectacular on paper but when I want further exposure to them Ill buy more DGR which I see as a lower risk entry.  
  The news flow out of the DGR stable has been sublime over the past six months. The market response has reached its zenith of irrationality since I began my investment in them.  SOLGs pricing smacks of manipulation. NMs issue of options to directors and staff clearly indicates a floor of 60p making AUD200 a bare minimum valuation of DGR s holding.  Auburn is looking good and is to list in 2019.   I believe Auburn will list when SOLG is sold.   AJQs recent anns are outstanding and the cashflow will soon be positive.  ANW is marching towards a strong cash flow. DHR is kicking goals and LKO is back in the game with Rawson and will surprise to the upside over the next year.  The other unlisted subs are progressing. Onwards and upwards.