Ann: Pacific Current Group Announces Strategic Initiative, page-8

Hi @Lambingflat - would be good to see your numbers to review and compare.

I have reviewed Avante Capital purchase price and see $USD40M was to include the following:
1. Initial payment = $USD15M
2. Deferred liability = $USD13M
3. Performance based = $USD12M

PAC should have only paid the $USD15M with $USD25M deferred liability.

Believe you are correct about the Avante liability, but we need to see the terms of the sale before discounting it.

This would remove the tax reduction applied to the GQG sale and lower cash on hand. I think this and the other boutique fair values will be where the difference is.

Taking out the Avante deferred payments reduces my estimated NAV to $13.48.