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Executives

Glenn Stevens - Chief Executive Officer

Analysts

Rich Repetto - Sandler O’Neill

Patrick O’Shaughnessy - Raymond James

Brian Gaines - Springhouse Capital

GAIN Capital Holdings Inc. (GCAP) Q1 2013 Preliminary Earnings Conference Call April 25, 2013 8:00 AM ET

Operator

Good morning and welcome to GAIN Capital’s acquisition of GFT and First Quarter Preliminary Results Conference Call. As a reminder, all participants will be in a listen-only model. There will be an opportunity for you to ask questions at the end of today’s presentation. (Operator Instructions) This conference is being recorded. Copies of presentation are available on the website and then on the link - in the press release. Forward-looking statements contain herein include without limitation, statements relating to GAIN Capital’s and/or Global Futures & Forex, LTD to GFT expectations given the opportunities and strength of the combined company created by the proposed business combination.

Anticipated cost and revenue synergies, strategic rational, the proposed business combination including expectations regarding product offerings, growth opportunities, value creation and financial strength and the timing of the closing. All forward-looking statements are based on current expectations and beliefs on various assumptions. We know these trends of GAIN Capital or GFT will realize these expectations that these release will provide – prove correct.

In addition a variety of important factors could cause results to differ materially from such statements. Factors are noted throughout GAIN Capital’s annual report on Form 10-K, as filed with the Securities and Exchange Commission on March 18, 2013 include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, evolving industry regulations, changes and regulation and the future companies, errors or malfunctions in GAIN Capital’s systems or technology, rapid changes in technology, effects of inflation, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new enhanced products, our ability to successfully integrate assets and companies that have acquired, our ability to effectively compete in this industry changes in tax policy or accounting rules, fluctuations in foreign exchange rates and commodity prices, adverse changes or volatility in interest rates, as well as general economic business and credit and financial market conditions, internationally or nationally and our ability to continue paying total dividend in light of future financial performances and financing needs. Forward-looking statements included herein represent GAIN Capital’s views as of the date of this release. GAIN Capital undertakes no obligation to revise or update publicly any forward-looking statements for any reason unless required by law.

At this time I would like to turn the conference over to Glenn Stevens, CEO. Mr. Stevens, please go ahead.

Glenn Stevens - Chief Executive Officer

Thanks, operator and good morning and thank you for joining our update call this morning. I’d like to take this opportunity to go into a little more detail, some transaction highlights for our acquisition of GFT and also provide an update for Q1 as a bit of a preliminary update in advance of our earnings call and also take some questions as I’ve had a chance to provide a little bit more color around this acquisition in this very positive opportunity for GAIN Capital and it’s shareholders. So this morning we announced that we’ve signed a definitive agreement for the acquisition Global Futures & Forex, LTD. Particularly this acquisition significantly anchored GAIN’s scale and position as an industry leader with diverse revenue streams and product offerings.

So the (deck) included that our uses of backdrop located on our website is posted in file so for people who want to follow along or access it later the details herein go through some of the positive attribute to this deal. And as a whole we’re really excited about how this positions GAIN and how this positions us to unlock some very material value for our shareholders. Particularly it offers us a combination for large scale a broader product offering and a diversified revenue stream. These complementary technologies, operating expense synergies and regulatory capital synergies, all of these add up to a very compelling reason for getting this acquisition completed.

A quick overview for GFT in the next slide shows that they were founded in 97, they offer retail customers the ForEx, CFDs, spread betting, binaries and FX options. They are headquartered in Grand Rapids, Michigan but they have offices located in London, Singapore, Tokyo, and Sydney. Customers today principally trade through the GFT proprietary with Dealbook 360 platform. They have over 190 million in customer assets, 2012 volume was over 1.3 trillion, more than 75% of their retail customer volume is sourced through well established partner channels and an institutional type Sales Trader business generates almost 40% of their total volume. A precursor to this acquisition was GAIN’s successful transfer of GFT’s U.S. assets that was finalized in December of 2012 with discussions about that starting in November. They planted a seed for almost fulsome large broader scale discussion and this is the combination of planting those seeds.

Our financial summary of the transaction in the next page shows that the net purchase price was $27.8 million, that represents about 1.7 times adjusted a pro forma 2012 EBITDA, net cash on hand at about $80 million all the way it’s up to a total purchase price of $107.8 million. This transaction scope - structure is broken up between GAIN equity little less than five million shares cash of about $40 million and a senior secured note with more details listed. More importantly the synergy is available we estimate to be roughly $40 million of expense synergies with additional regulatory capital synergies expected to the combining of existing entities in different geographic locations. We expect to close this transaction in early Q3 of 2013. We also expect this transaction to be accretive in the second half of 2013 with significant accretion occurring following in 2014.

As a brief strategic rational this provides GAIN the opportunity to achieve significant scale of customer assets north of $650 million, run rate revenue of $329 million, run rate pro forma EBITDA of $77 million and approximately 140,000 customer accounts. It broadens our product offering to 12,500 products including FX CFDs spread betting, binaries, FX options and exchange-traded futures and options. It significantly expands our partner-based business, it adds on to our institutional business by adding a revenue stream at a low fixed cost base from GFT’s rapidly expanding Sales Trader business, its go complementary technology and product functionality to our existing platforms and it expands our global footprint in key markets including Continental Europe and Southeast Asia. And it offers us the opportunity to take advantage of operating synergies right in the first year with capital synergies to follow.

For more on synergies we had the ability to consolidate some redundant functions and office locations will combine our selling and marketing efforts will reduce product and software development costs, will reduce data in communication and professional fees other expenses all as a result of this combination. What’s great is that there is also a cultural fit and so the normal growing pains associated with this kind of a combination with 100s of employees and (these spread) offices is helped by the fact that we work closely with GFT already as they mentioned we did a transfer of their U.S. assets which included an extremely smooth process with 1000s of customers, 1000s of accounts and earnings of assets without a hitch. And so we build upon that base experience working with GFT already and to an opportunity where it’s not hope but it’s actually our ability to deliver on the combination.

The overlapping regulatory requirements and the freeing up of collateral post of our trading partners is an additional capital synergy that we’re hopeful for. Benefits for GAIN include an immediate scale increase, significant operating synergies and it does diversify our revenue stream even further. It expands our CFD and spread betting product base and the revenue that comes from that, it expands an institutionally focused Sales Trader team, which leverages our existing GTX platform and leverages our existing other institutional voice services.

It helps our indirect distribution network by leveraging GFT’s long proven skill in the partner business serving large brokerage partners. It also enhances GAIN’s status as a successful industry consolidator. This is one more example of our ability to integrate, attract and consummate these opportunities in these deals. The transaction benefits for clients include our ability to maintain the quality of their trading experience, it runs up with the best of breed and trading platforms, research and tools, superior pricing and execution and a robust multi-product offering with the products that I mentioned earlier. It also enhances our access to clients in Europe, Asia and the Middle East and ultimately the enhanced financial strength and stability of this combined company provide the stronger platform and foundation for our customers and partners.

Next page has a brief overview of pro forma financials. I draw your attention to the lower right on the table there, which numbers are quite impressive with $329 million of run rate revenue, EBITDA of $77 million and EBITDA margin of 23%. All of these are significant improvements from GAIN as a standalone and illustrate the opportunity of combining these two companies.

It follows with some graph and some pictorials, but most importantly on the next page you can see that mixed shift to more partners. You can see where GAIN is in the left and the pro forma combined companies to the right labeled as PF GAIN and see that our indirect business is now an equal split with our direct business. You can also see the dramatic increase in asset and you can also see the trading volume and the scale that this gives us the ability to achieve.

That brings us to an update for Q1, we use the opportunity of this launch for this acquisition transaction suggest people some insight into what Q1 delivered for us. Some preliminary highlights there if you look at our financials, standalone for Q1, 2013 GAIN achieved $49.8 million of revenue that’s a 50% year-over-year increase, EBITDA of $7.5 million on 15% margin, net income $4.3 million and earnings per share about $0.11. Operating metrics illustrated significant increases and trading volume, retail volume, institutional volume, client assets and funded accounts now north of a $100,000. All of these are valuable robust numbers are evidence of our ability to take advantage of some increasing trends in the overall market trading conditions and the company continues to be positioned to take advantage of improving overall market opportunities.

To follow-up as I said, with a more official earnings call in the coming weeks, but I wanted to give people some insight as to how 2013 has started for GAIN coupled with the exciting new transaction leads us to a very positive outlook for the rest of this year and more importantly even in the years to come. Lastly that helps me, helped us come to a decision to reject an arbitrary recent arbitrary unsolicited arbitrary for FXCM take all the proposal and let me have some details as to that rationale.

But primarily that proposal did not properly value GAIN as a standalone or even GAIN with the synergies and the combination of those two companies. And so the combination of our start with our 2013 for Q1 with this opportunity that we have been working on for over six months put us into a pretty easy position to say that this is the way to go to maximize shareholder value and unlock the most value for GAIN shareholders and create material leader in this space. Just in terms of recent events both GAIN and FXCM have benefited from improved market conditions and GAIN until now is not able to provide some insight, provide some guidance on some of the positive attributes that we were able to take advantage for Q1 as well.

And in addition, in terms of the interest coming unsolicited and so it was our responsibility to carefully and thoughtfully consider the arbitrary put it in a ranking and put it in a consideration bucket to see what do our best choice is forward for our shareholders and for creating value and ultimately we took the decision that the combination with GFT and our business set up the way it was, take advantage of improving conditions would ultimately provide there the maximum value or the optimum value for our shareholders and for all of our stakeholders.

We then believe that the proposal, we value GAIN or the synergies or the market opportunities that hope that was great here on this call and we will be able to that was great as we go forward. GAIN stock has not been particularly valued in our opinion as fully as it should be, our goal is to make sure that the market overall and all our stakeholders can start to recognize that value and see the ability to deliver tremendous amount of upside and to that end we might we aren’t be able to work towards delivering strong financials and also the strategic opportunities and the ability to successfully integrate them. And I think we’ve shown that and we’re getting the opportunity now to show that and in an even greater way with this combination of GFT.

There is some charts and some analysis to provide some comparison as to why we did not feel like the take over attempt was in the best interest of GAIN shareholders. But, I think ultimately its GAIN and its Board of Directors are committed to our shareholder interest. The goal here is to say we’re – we got to position the company to create value through technology brand recognition, state-of-the-art institutional platform, strategic and synergistic acquisitions and ultimately manage and manage cost in response to the market environment and returning capital, continue to return capital through dividends and through buybacks.

Our strong first quarter results demonstrate our ability to create revenue and earnings growth to the execution of our organic strategy and the acquisition of GFT demonstrates our ability to drive industry consolidation to create additional shareholder value. We have and we always will act in the best interest of our shareholders and we always continue to carefully review every opportunity that maximizes the long-term shareholder value.

At this point, I can flip it over for some questions and then come back for a summary. Operator, I could now take some questions at this point.

Question-and-Answer session

Operator

Thank you. (Operator Instructions) And the first question comes from Rich Repetto, Sandler O’Neill.

Rich Repetto - Sandler O’Neill

Yes good morning Glenn.

Glenn Stevens

Hi Rich.

Rich Repetto - Sandler O’Neill

Congrats on the –the announcement of the deal here, in the quarter. So, I guess my first, if we got one question I’ll get back in the queue, but the one question would have been on operating synergies. So the – if you look at the GFT hasn’t been profitable due to certain not last year and I’m just trying to see if you are going to maintain their brand, so how does it, and you talked about sell it and marketing. I’m just seeing, I’m trying to get to the 35 to 45 if you are not going, if you are going to maintain their brand and you get the Sales Trader model that it sounds like it’s a bit human in terms if I guess is the question.

Glenn Stevens

So a couple of things Rich, another one to kind of put some wrapper on that, the GFT business has actually been quite profitable over a longer period of time. You go back six, seven years and we would look at 2012 being outlier then an indication and so number one that business has been a very profitable operation and if you look at the structure of that business the way they are set up, their metrics for 2012 continued to be strong and the profitability is something that we’re already seeing encouraging signs at that platform is more than well impact. I would say the platform – the technology platform has a business. So that runs me through on the Sales Trader side for us not so much human intensive as it may actually appear, Sales Trader is not so much in the legions of trading rooms full of many screens and many well suited sharp individuals, but actually more about customers that are very loyal been able to trade a multitude of products and GFT plus GAIN actually having the platforms then to do. You’d be surprised to see what a percentage of those Sales Trader customers actually trade online.

The difference is to have a key point – they have a key point relationship person, but then they use all the tools that the shop can bring. GFT actually has a broader product mix than GAIN does in terms of different types of outside the U.S. different types of products that they are able to facilitate trades in. On an agency basis, on a market making basis, but a very broad array of products and then when you couple that with our usual business which is through ECN on the GTX and also our voice assisted business, the team that we brought in kind of Q3 of last year. It really ends up with this three full service institutional operation. You have the sales traded group. You have the institutional ECN and then you have the voice assist and you will end up with not kind of a nice to have but a really strong robust offering when you go into those discussions or customers want to be served differently than the retail customers and by no means the return are back into the retail customer. I think, what’s most important here is to say, what are your three drivers of growth now?

Well the one driver is branding on the retail side your other driver is non-branded on the indirect side and your third one is a whole levered segment, which is institutional and all of a sudden, we have these new three very robust platform underpinnings the base growth on and they are all now intact. And in terms of the (indiscernible) about the branding another perfect compliment there that GFTs direct retail brand was not their strength the way FOREX.com is from GAIN. So, in that case, the GFT brand or partners is good. You mentioned GFT the people globally and it’s a - that’s a great partner provider.

So, there is no reason for us to abandoning those relationships, those key people that run if you will. But from a spend perspective, there is no reason to spend a lot of money on it rather you keep the brand intact, but we don’t really need to shout from the rooftop whether you work for FOREX.com, which is a more commercial online heavy advertising scenario. So, complimentary here because their marketing spend is something that they would keep around but we’re not going to need but its institutional application is really good.

Rich Repetto - Sandler O’Neill

Sure. Okay. I’ll get back into queue and ask another question.

Glenn Stevens

Sure, Rich.

Operator

And the next question comes from Patrick O’Shaughnessy with Raymond James.

Patrick O’Shaughnessy - Raymond James

Hey good morning, Glenn.

Glenn Stevens

Hi, Patrick, how are you?

Patrick O’Shaughnessy - Raymond James

Good, good. Glenn, if you could talk about the process of evaluating FXCM’s offering whether there was any desire to engage in dialogues, negotiate with price or if it was just a function of you thought your standalone combined with merging with GFT was going to be superior to any percent of combination with FXCM?

Glenn Stevens

So, if you look at the timeline first I think, it’s important to realize that we were pretty well advanced in terms of modeling and in terms of getting a feel for maximum value with the combination of GFT. As I mentioned, you can kind of go back north of six month for the genesis, the discussions with GFT and so it cleared the scenario. Well, we didn’t have a shot in the dark. We actually had a pretty good idea of what the opportunity to be in terms of EBITDA synergies and scale and all the things that I started to mention. So, when the (law comes) unsolicited arbitrage from FXCM, which frankly wasn’t nearly a deep in terms of information or ability to evaluate the combo. So, we took some extra time actually evaluating that, that the timing could have been even different, where we’re able to announce this deal a month go and this kind of would have been a move point. It comes out that after timing without any preexisting discussions with FXCM this over (indiscernible) and to the credit to our board, we said, well hold on let’s evaluate this and compare it and see which one makes more sense. We haven’t consummated that deal yet even though we were in the final stages of it and we said, let’s use the time to evaluate.

And in doing that, if you look at GAIN’s shareholders perspective and you look at the EBITDA and the synergy and all the stuff that we’re now going to be, have access to. And you look at the fact that the dilution is such that we’ll be able to reading GAIN shareholders, we’ll be able to achieve 88% of those synergies and 88% of that upside. Frankly with thousand comparison to the teams percent that will be presented. So, so it was, I’ve to say even though we put the time in and did the comparison it was pretty easy for us with the term and this is the way going forward on a relative basis the value to GAIN shareholders is much stronger and much higher in this scenario.

Patrick O’Shaughnessy - Raymond James

Got you. And there was no value to be derived from kind of negotiate something further with FXCM?

Glenn Stevens

No I don’t know what value to be derived. I mean to have an unreasonable expectation from FXCM to again to getting anywhere even in the neighborhood to the value that would flow through the GAIN shareholders was a pretty unreasonable expectation. If we actually start comparing what was presented and what could potentially flow to GAIN shareholders again I’m not looking from FXCM shareholder perspective and I’m looking for GAIN shareholder per perspective and GAIN shareholder perspective they are not even in the same ballpark.

Patrick O’Shaughnessy - Raymond James

Got you. I understood. I’ll get back in the queue.

Glenn Stevens

Okay.

Operator

Thank you. And the next question comes from Brian Gaines with Springhouse Capital.

Brian Gaines - Springhouse Capital

You saved $80 million of cash on the balance sheet at closing is that all going to be available for dividends or return to shareholders?

Glenn Stevens

Its operating cash and so I think, what we said was our plan more to create - create cash for additional buybacks and for dividends as we normally do to return cash to shareholders. But the particular week at the time of closing is not designed today to disseminate what their one time special dividend.

Brian Gaines - Springhouse Capital

Right, but it’s all free cash.

Glenn Stevens

All free cash, yes, it’s correct.

Brian Gaines - Springhouse Capital

Okay. And can you just Glenn, can you just detail at the end $35 million to $40 million in synergies can you break it down into buckets?

Glenn Stevens

I can break it down into buckets to say that there are marketing synergies, technology synergies, headcount synergies, infrastructure synergies. I mean, they literally come across the board because much of the business that GFT operates in, are complementary to what we do. So, I mean, we do have a breakdown for common banks and marketing other expenses, product development, trading expenses and professional fees. They all add up to ballpark north of $40 million.

Brian Gaines - Springhouse Capital

Okay, I’ll get back into queue. Thanks.

Glenn Stevens

Okay.

Operator

Thank you. And the next question comes from Rich Repetto from Sandler O’Neill.

Rich Repetto - Sandler O’Neill

And can I just follow-up on the last question. So, none of the cash the $80 million is used for regulatory purposes or none of it is tied up in there you are saying that’s free, if you wanted to you could dividend it?

Glenn Stevens

No, no. What we’re saying is that, that being used for GFT business presently and as we combine the two entities from regulatory consolidation perspective then over time that will free up. So, hopefully I was clear that on the day of closing there is an $80 million of free cash to be dividend out but the goal is that similarly to any types of combination you look at all the regulatory overlaps and you look at the business overlaps, you look at the collateral overlaps and the trading agreement overlaps and that frees up cash over time. So, on day one it’s free cash and it’s unencumbered that it’s not plan that we would dividend it out we won’t be able to optimize that the business growth on both sides. And so, they are using - the way that we use a portion of our balance sheet towards backstopping or supporting our business so does GFT. Once we put – once we put the companies together there is a time lag for some of the regulatory consolidation and things like that.

Rich Repetto - Sandler O’Neill

So, maybe to put in a slightly different way, is there another item of our line item on your balance sheet that’s restricted cash for regulatory purposes, its separate

Glenn Stevens

No, no, no, no.

Rich Repetto - Sandler O’Neill

Okay. And just was this I say just one quick question, what was your GAIN revenue per million in approximately for the first quarter?

Glenn Stevens

I can go into more detail on in the earnings call. I mean instead of kind of jump in the gun I thought it might make sense. I mean, from this way, we didn’t, we didn’t bridge outside the norm in terms of our range in the past and I just had a contact list it will be easy for you to as we go into the earnings call and coming up with another week or so I have all the normal detail that we do but I just - I can just comment by saying that we saw improvement but and its been with kind of a normal range over the last several quarters.

Rich Repetto - Sandler O’Neill

Okay. I’ll get back in the queue.

Glenn Stevens

Sure.

Operator

Thank you. (Operator Instructions)

(Technical Difficulty)

Glenn Stevens

Yet disclosed.

Rich Repetto - Sandler O’Neill

Got it. And then Glenn when I look at the results of GFTs at least what you’ve given I guess would it be fair to say that some changes there has been secular as cyclical that we cyclical with a low volatility but there has been secular changes to the industry especially regulatory changes on leverage et cetera. So how did you look at and I already made a nice rebound but still at a net income loss in the first of course how did you look at what you think is secular versus cyclical in their results especially when you look at the 20 go ahead.

Glenn Stevens

So, yeah I think I’m going to cut you off but I think I get - just Rich a couple of things number one I try to look at the underlying health of a business right and so yeah I totally understand that some of your points about their current state of cash flow or what’s called net income or what have you more importantly though I look at their underpinning like whose in there technology and what market did they in. How strong are their partner relationships, what their volume been looking like, what their new customers been looking like all these kind of business metrics that are actually pointing in the positive direction and look similar to where we were and they were scale is important.

I think you’ve heard already from other sources how important scale how important synergy how important foot print and how important just kind of overall marketing position is. I know it’s all of the same compelling reasons for us to do this deal. And so yeah I think if we were evaluating GFT as a standalone I think I would - safe to say GAIN was a little more quick-footed and trying to right size our expense base and trying to right size our positioning last year in a very challenging environment. It’s partly that maybe GFT wasn’t as nimble but guess what the fact is that we are being able to make this acquisition means that we wont be able to share that be able to share that acumen between both companies and make sure we stay out in front of it but we have the benefit of scale. Now we have the benefit of a more diverse revenue base and as I said if you look back at GFTs 2009, 2010, 2011 very robust but ’12 was not except that metrics were.

And so if you can apply our disciplines and you can apply what we were able to do for our own business for both businesses that’s how we will end up able to achieve very significant synergies and it is not by the way relying upon a market trading up tick. This is not relied upon really improved condition. The goal here is to actually build up more resilience to those cyclical jocks of a weaker market. This is designed to be able to say where there is a good markets we’re really going to make cable a sunshine but one of the as new market we are going to be more resilient because we have more products more customers more partners and a larger footprint. So I think in this particular case that are the reason for this combination because all the virtue that comes out of a bigger presence comes out it’s kind of joining the two companies.

Rich Repetto - Sandler O’Neill

Okay, very helpful. And my very last question Glenn, I promise, now that you have FXCM didn’t have the benefit to see your first quarter results certainly your EBITDA run rate is the outlook or certainly the run rate is changed. And they didn’t have the benefit of you don’t know when it of the potential EBITDA jump or the synergies with the GFT. So I guess anyway the question is would you be opened to a possible transaction that incorporated this new information?

Glenn Stevens

I think the answer to that is every single reasonable situation that comes across it’s my and my board’s responsibility to evaluate and I think here is even an example of we were 90 plus percent down the road of having this deal consummated FXCM deal came in and it’s completely unsolicited and we were pinned down to evaluated and do a thoughtful consideration. RMO in that respect wont change hasn’t change ultimately we have to say from a GAIN shareholder perspective what’s the best path? So, you are right did they have access or insight into that? No, they choose a path to making over to your we were already on a path, but we stopped evaluated thoughtfully considered and said you know what this path that we are on generates a lot more value for GAIN shareholders, but your question was pro forma the answer is it’s our job to consider those things at all times.

Rich Repetto - Sandler O’Neill

Understood. Thanks, Glenn.

Glenn Stevens

Okay.

Operator.

Thank you. Now we have another follow-up from Patrick O’Shaughnessy with Raymond James.

Patrick O’Shaughnessy - Raymond James

Hey last one from me so a lot of the shareholders the biggest shareholders VantagePoint, Edison, 3i these guys have been with you since I think well before the IPO what sort of time horizon did they have for their investments and I think one of the aspects of the I think CMDOs and maybe could have help provides some liquidity if they need to get out. So for this the guys who are still are they committed to potentially being in for a number of more years?

Glenn Stevens

The answer is I can’t speak for them specifically I can only go on what our discussions are or what their indications are and the good news is that these guys are generally long-term value creator people and I think that as long as there is an opportunity to maximize returns got with their unit four the second piece of your question though is that by building some of the scale and by building more confidence in our business model and our ability to deliver now and more significant but more consistent results also gives the operating for the if there was a need or if there was a want by any how types of shareholders to look for some liquidity it’s not just the flow it’s not just the daily volume that provides that.

There are lots of deals that operate where another shareholder wants to get in and block trade happens. So in this case I think most important we have to create a scenario to want people to be an investor and they can either get in a new fashion where which is widely open market or they can express interest to buy which whether I would not be the first time I’ve had that increase of someone to want to buy a large portion that they could that they could accumulate kind of daily volume. And so I think that concept of liquidity maybe actually being lack of liquidity and be over stated because there is lots of avenues for that. So there is no real stress or duress there and in terms of their opinion again I don’t want to speak for them of their indications their involvement and their support of the strategic path would that they are fully embraced would wanted to maximize value over time.

Patrick O’Shaughnessy - Raymond James

Alright. Thanks again.

Glenn Stevens

Sure, Patrick. Thanks a lot.

Operator

Thank you. And as there are no more questions at the present time, I would like to turn the call back over to Mr. Steven for any closing remarks.

Glenn Stevens - Chief Executive Officer

Thanks operator and thanks again for everybody joining today obviously there will be follow-up discussions. We have an earnings call coming up in short order a couple of weeks and again I think the most important part is that this is an illustration of our ability to deliver value it’s an illustration for us to embark upon a much lager scale opportunity and as general market conditions continues to improve all we’ve dove is ramped up our ability to take advantage of that and position ourselves to be in a much better place as we go forward into future years. So I look forward to reporting on our progress and keeping people posted and I invite increase to our general investor relation source and go from there. So thanks again and have a good day.

Operator

The conference call has now concluded. Thank you for participating in today’s presentation. You may now disconnect. Have a nice day.

Glenn Stevens - Chief Executive Officer

Thanks, operator.

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