Ann: FY2019 Results Announcement and Investor Presentation, page-15

Here are some additional notes I had from the conference call this morning:
1) VPC - issue with earnings recognition. The accrued fee of $3.3M is an Incentive/Performance Fee. Accounting standards will recognise $3.3M in 2020 (paid in December 2019, issue with earnings recognition for the Listed Investment Company in UK VSL:LSE).
2) With $3.3M, VPC expected to deliver $US7M this year is a best case scenario. This will be between $A9.5M-$A10M (assume this due to AUD/USD fluctuations)
3) VPC was expected to raise capital sooner, was delayed as they focused on building products for Insurance Services (https://www.victoryparkcapital.com/services/insurance-services/) and Legal Finance Funds (https://www.victoryparkcapital.com/services/legal-finance/).
4) VPC new initiatives contribution is expected to be demonstrted in upcoming FUM Report ending September (due 31/10/19)
5) ROC contribution to increase significantly, will almost become tier 1 with increased investment. Words quoted "ROC will become Tier 1.5".
6) The loss of CQQQ management reduces Alphashares revenue to PAC by $700,000
7) Noted Aether currently generates same revenue as GQG. Important not to correlate revenue to FUM.
8) SCI provided good investment income this year - large incentive fee earned was $1.8M. Not repeatable unless similar performance occurs of the Hedge Fund SCI supports.
9) Acquisition expected in near term - looking for value and strong organic growth similar to previous investments (hopefully more like Carlisle).
10) Seizert will continue to experience FUM pressure.
11) VPC expected in the next 6 months to partner with an Asian Fund to provide funding services. Smaller inititaives will yield results in 2020.

Best of Luck
Lost