Ann: Successful completion of $12.5m Institutional Placement, page-42

The best investment has been GQG and that was a start up. All other investments that have required large cheques have underperformed or been a complete disaster. That company should get back to what originally it did and invest in early phase businesses where the capital at risk is not high but the risk itself may be higher. When a fund manager sells, they are trying to maximise their cash. If the business is still growing they would not sell. The strategy of buying into established businesses is a silly trade. PAC is buying goodwill, cannot add much to growth as easy growth would already have been achieved, and is competing in acquisitions brokered by investment banks or consultants trying to maximise the price. The return On investment is not exceeding the cost of capital. It is simply bad capital management compounded by an exorbitant cost structure. Businesses that were touted as being the growth for future earnings have also not delivered.