SOL and the Milner have had an unintended massive tax win that the brokers are talking about. Some of these exact details may be wrong but this is my understanding - i have not confirmed any of these details and haven’t followed but anyway an interesting sequence of events:

Essentially a lot of fundies never wanted to buy SOL as it was primarily just 3 listed companies that had massive capital gains that made it impossible for SOL to sell as what they invested in would have to such a large upside to offset the tax paid. As a result the fundies were always like i can just go buy those 3 listed companies myself why do i need to own SOL and have that issue.

The merger with milton resulted in a billion dollar tax loss as the LIC continued to rally between the merger was announced and when it was finalised which resulted in a large goodwilll adjustment. No one really knows why Milton continued to rally so hard - some said retail/ passive buying. The goodwill adjustment was then impaired. Now they had a tax offset (over a $1B) - completely unexpected and all luck.

Now they have finally decided to collapse the cross shareholding, something fundies have been pushing for decades for the which the Milners always opposed, in part to keep control i believe.

Now the structure is collapsed at a time of the Milners choosing they have a diversified company that plays in private credit, listed equities and now some less dominant major holding that they can actually sell now due to the massive tax loss they lucked into. Furthermore, it’s expected they may be able to reset the cost base for a number of holdings due to the collapse of the cross shareholding.

Anyway, mostly by luck or perhaps patience SOL has a massive pool of closed capital and they can pick the attractive thing to allocate too - they can sell some of their large banks and allocate to private credit or whatever they want to do.