Ann: PAC to Return Surplus Capital to Shareholders, page-7

The next catalyst for adjusting the NAV would be seeing either a large shift in a boutiques FUM growth or a sale of a boutique above book value.

the capitulation of the $AUD does make a argument for a higher price near or above the $13.

my initial questions / thoughts are
- would a independent expert set the buy back price or is that relied upon by the board, hopefully independent directors.
- is river capital going to partipicate in the buy back or is this their way to take control of the company by increasing their ownership % by not selling any stock.
- liquidity in the stock could dry up now for the next 4 months, with no serious sellers willing to off load on market or do some arb funds look for a quick trading opportunity.
- post EGM result and change of manager structure, it would be prudent to announce to the ASX, EPS guidance given a large amount of operating expenses is stripped out, but this more a Fy25 issue and I guess it will be radio silence until the August results.
- being a cynical investor, I'm not convinced the buy back price will be much higher than $11.