Trading below NAV is frustrating and has been happening for years. How long will it trade like this? $12 is the closest it has got to NAV for some time. PAC need to demonstrate high growth in revenues, not just interest income generated from cash at bank.
If board allocates buyback funds to shareholders that ticked all shares, I am out. I thought I’d only get 50% sold.
There is more cash coming in pipeline. Will PAC board complete buyback at higher price in future or reallocate to purchase quality boutiques. PAC can’t sit on the cash forever.
The trade off for me is that GQG will likely generate revenue on any new boutique investments, albeit a minor amount compared to core its business.
PAC Price at posting:
$11.52 Sentiment: None Disclosure: Held
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