Laurence Hulse

that they didn't disclose, but it was for a sport they'd just won.

Anyone that is keen sports and streaming will be able to work it out.

We did.

But what they do disclose is they also do the Six Nations for Amazon Prime now, the football.

So all of a sudden, you've had a business with cracking margins become a world beater.

And it was on five times PE.

The shares have done well.

How long have you had it?

18 months now.

But still today only trades on a PE of 10 and we think that can get better and better because one thing we have learned, at the moment it's winning sort of marquee sports like the rugby or the one they won in February which people have to go and work out because they're not allowed to share it.

But what's interesting, and we learned this on one of our regular site visits we do with the investment,

There is a whole cohort of what you call sort of tier two, tier three sports that are uneconomical to produce as a media format on a national basis.

But actually, if you're producing it via a streaming platform to a global audience, the economics work to broadcast the volleyball season or news parts.

but niche sports can now be televised and monetized and that's all going to be work for pebble so just a classic case of gem amongst the rebel really cheap world-beating product listed in london global earnings and that's what this fund has all been about and that's where the success

has come from.

We have a really eclectic cast from one of the largest podcast publishers in the world, topical because of what we're doing today, to the UK's leading retailer, Fishing Tackle, to the market leader.

I bet it gets televised now.

I bet it does too.

But it wasn't before.

So yeah, that would be something that wasn't traditionally broadcast on Channel 4.