Ann: Funds Under Management - December 2023, page-18

Nah, hard No to both questions I think.

Any major structural changes will give their remaining institutional clients a reason to review whether to stay with the firm. For some institutions it's in their investments policy that they need to do a review of any Manager that undergoes significant change.

Staying on the ASX allows them to easily pay their staff bonuses in Shares or via instruments that are linked to stock price returns.

For better or worse, it doesn't really matter to PTM if shareholders are happy or not at the moment. They don't need to issue equity, or have no reason to require a vote on anything, and no ratings agency is going to argue for a Strike against a CEO who has only been in the job a few months.

Sometimes the best course of action is to do nothing, I think that was an old Buffet quote actually.