In isolation, 1H25 results were disappointing as highlighted in the trading update, driven by FV movements and the Queensland loss, which moved the Group to an operating loss. However, several green shoots emerged that drive long-term value, including a 31% reduction in finance costs reflecting the new lower cost facility, as well as two arbitration wins generating > US$35m realisations from US$3.8m invested, implying c.10x MOICs post-performance fees. This not only provides further evidence for ....
