A small window opened this week on the mysterious world of Philip Lynch's modest retirement project: One51.

The group (and it can most definitely be called a group now) issued an annual report that was bursting with previously-unknown facts: profits reached €10 million last year, sales were €122 million, acquisitions cost €49.3 million and much, much more.

So far, so good for a company that would still be languishing as a sleepy co-op if St Philip hadn't decided to apply his golden touch after finishing up with IAWS in 2003.

Shareholders in the company, who include Lynch himself, must have at least a half-smile on their faces as they eye the rewards that appear to be heading their way at some future point.

The more jumpy of them may even extend to a full-out grin as they await the Davy-administered grey market that is expected to kick into action over the next month or so.

This will provide the first real test of what the wider investor and business community thinks of One51, which has to date taken most of its support from various co-ops dotted around the country.

Grey markets can be very appealing and rewarding prospects for canny private investors, as NTR has shown.

Drop into one of that group's packed annual general meetings and have a feel of the endless rows of fine suits on display for the real proof of just how happy and prosperous elite groups of shareholders can be.

This wealthy contentment is of course not a grey market guarantee, with the company in question needing to come up with the goods to back the whole thing up.

Until now, One51 has been in solid growth mode and, while that period is set to continue for some time, a serious opening up of the share register will create new pressures for Philip Lynch and his friends.

Where co-ops may have been prepared to give the team the benefit of the doubt, the average hard-nosed Davy private client may be less patient.