Ann: Pioneer signs Scheme Implementation Agreement with Carlyle, page-25

Carlyle have paid 26..5 x current EPS for this company based on 30/6/2019 accounts. Based on the accounts in 2018 using apparently unsatisfactory FVTPL methods they have paid 6.8 X EPS. 6.8 x EPS is probably still too much for anybody to pay for a dud and distressed company. So based on these figures do you think a company as respected and as large as Carlyle have made a stupid decision. Most unlikely - they would know exactly what they have bought and have made no mistake. That $4m net profit does not represent the cash flow this company obtaining. High leverage or whatever way you want to see it there is money there for Carlyle to buy in at these sort of figures. I know it has translated into a very poor investment but do not let it colour your vision as to whether PDP companies can make money - they can.