Ann: Dividend/Distribution - PAC, page-12

A brief summary:
1. CAMG, PAC management will know by the end of calendar year whether this business was a worthwhile investment or not.
2. Confident on VPC Performance Fees into FY24 and beyond due to crystallisation of fees being earned at the end of a funds life. Point made was that this will be constant over a few years.
3. Current liabilities on the balance sheet in note 22b for VPC are amounts accrued that are payable due to Fund Performance (I will have to re-listen to this one)
4. Borrowing facility of up to $US50M is being looked at
5. More confident this year that a sale of one of the boutiques will occur
6. ROC replacing lower fee FUM with higher fee FUM, looking to become a Tier 1 fund this coming year
7. Banner Oak is returning a 15% pre-tax yield
8. Alti Financial looking to raise FUM this year and PAC will exercise option to invest in this business

Best of Luck
Lost