Ann: Sale of Partial Interest in Pennybacker Capital Management, page-8

Hi Greg

Hope all is well.

There may be a bit more to come on this one. Other questions I have are:
1. Kudu part own Pennybacker with PAC, wouldn’t they have first strike to buy? I think we may see the remainder sold to Kudu at similar price, it is just taking a bit longer to finalise the paperwork.
2. How long does the preference share deal run until? Would need to check initial announcement. There should be a deal around paying more once earnings are greater than preference payment.

I have assumed ongoing overhead will be terminated, most required employees moving to GQG, rest no longer required and will be gone. There is only the board that will remain with a few admin staff and the 0.75% fee on fair value.