Hi Halo99 and Chrislechat Thanks for your posts. For a short...

Hi Halo99 and Chrislechat

Thanks for your posts.

For a short time I was a shareholder in Kyckr and thought the takeover was pretty lousy compared with the potential. However it was so hard to put a valuation on a company that still had a number of years to go before it became cashflow positive.

In regard to PAC, we have a profitable company and valuations become a bit clearer but not entirely straight forward. We know from the 22FY Annual Report, P17, that the Net Assets per Share at the end of the FY was $10.26. Because many of the individual assets are not listed, their valuations have to be based on figures that the independent Auditors are comfortable with. These valuations can differ widely with what the market values the assets at.

An example was given in general discussion by the Board at the recent AGM, whereby the valuation attributed to GQG by normal audit criteria was one third of the valuation realised when GQG was floated. In response, to this issue and transparency, the Board has given an undertaking that from 30 June 2023, and subsequently on an annual basis, to provide a supplementary commentary on what might be a more realistic valuation on PAC asset values, based on market activity - but will still be conservative.

So with that in mind, I believe an offer at 50% above the current price would not have any traction. I am thinking 100% above the existing share price might might be a starting point for negotiations.

Merry Christmas to all PAC shareholders and continue to be patient.

Cheers Westwind