Valuation is split it 2. $20m for mortgage business which is at a PE of 18 and about $3m for the P2P technology platform.

Mortgage business sounds high but the switch to trail fees could be very profitable. For the P2P platform, could be cheap if they could get enough going through it. Harmoney is valued at about $50-100m and is only about 1 year ahead of Squirrel.

Liquidation event is proposed NXT listing next year so money isn't locked up for too long if they actually go down that route.