Fat Fish Internet Ventures (FFG), is an internet incubator encompassing 13 portfolio companies, listed on the ASX. Some of the companies include Dressable (the 2nd largest online shopping mall in Singapore) and RajaPremi (one of the only platforms that sells car insurance and travel insurance in Indonesia). The stock is finally showing some signs of life after two solid announcements. Last week, the company announced that one of their investee companies, NVOI, will be acquired via an RTO, and today, that icandy (ICI), which FFG controls 90% (valuing FFG's stake at $40M), will list on the ASX and is nearly twice over-subscribed. At $0.06, FFG's market cap sits below $8M, where its book value should be north of $0.60 per share. We see upside at current levels, as momentum builds.