Hi @LambingflatHave reviewed and updated Net Asset Values based...

Hi @Lambingflat

Have reviewed and updated Net Asset Values based on page 11 of the financials and Fair Values page 7 of the presentation. Thanks to you and others that have provided feedback. Believe the following is a more accurate representation - estimated sum of the parts has come down to $11.58.

To your point above, there is definitely an arbitrage opportunity here. It also demonstrates the valuations are very much on the money and able to be realised over a period of time. This should provide high confidence $11.58 is achievable.

Adjustments here are based on pg11 NAV and pg7 of presentation. Have reduced Avante Capital purchase price based on what you mentioned above


Have updated more detail here. The cash at bank had included amounts from underlying boutiques - notes identify correct amount below.
Changes as follows:


Here are additional notes:


GQG Capital Gain and adjusted tax rate based on financial notes:


Best of Luck
Lost