With the part sale of Pennybacker just announced. I doubt Ribver...

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Lambingflat

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14/05/24

09:58

Post #: 73810548
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Originally posted by lost: ↑

Hi @Lambingflat

Believe River Capital and Perpetual are definitely the buyers, we just need to wait for the change in substantial ownership announcements. These two large investors were approached and consulted on options prior to the share capital return announcement.

The quicker PAC management receive expert advice on the buyback and make information public the better.

On the buyback, I see one of two paths. If ATO doesn’t rule favourably then we might see VWAP of the next two months being used to price buyback. If there is a favourable ruling then the NTA may be used to price the buyback.

The $11.50 NTA would be what the larger shareholders will have pencilled in and will make a pretty good return with current on market purchases. There is probably a 90% chance of success and 10% failure with this buyback proceeding, relatively low risk but we have had other issues arise previously that have killed off previous initiatives for investors to realise value of PAC investment.

Either way shareholders will be receiving some funds, question is how much cash and large a tax bill we will receive?

Best of Luck
Lost

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With the part sale of Pennybacker just announced. I doubt Ribver Capital would be buying on market given the conflict of interest and ASX disclosure requirements, with the PAC chairmen.

PAC Price at posting: $10.38 Sentiment: Buy Disclosure: Held
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0 Great analysis

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