Interesting presentation, a bit hard to get a good read on it, sounded so vague on the investor call on if they are either winding up the company, investing in other assets or will do a on market buy back later.
Nice pick up in the NAV, although the impairment of Aether was left field and a considerable amount.
Finally we get an understanding that the Soul Patts debt can be paid back in oct 25, with nominal penalty.
Not sure if the large investors will participate in the buyback, given the large discount of adjusted NAV $13.96 to buyback price $12.
CEO was cagey on whether the $300m will be filled, but my guess is Perpetual & Regal will tender some of their holdings. I imagine any small investors could tender their whole parcel and will get filled in full.
PAC Price at posting:
$11.99 Sentiment: Buy Disclosure: Held
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