Ann: GQG Listing, page-14

perhaps the put/call was in place to protect Rajiv and GQG from the possibility of PAC being taken over. I've heard the main reason PAC have a stake in GQG was due to Rajiv's respect for Tim Carver (prior links to PAC) so it would make sense that Rajiv wouldn't have wanted just anyone as a shareholder. I was always worried about rumours I'd heard about a buyback clause and the structure of the preferential equity in GQG, but this announcement has provided clarity and put those concerns to bed.

Fantastic outcome for PAC shareholders: 1% selldown provides plenty in the bank for further investments, plus a couple of board seats (was a bit surprised by that) plus big fat ongoing GQG dividends to turbocharge growth and keep buying new boutique stakes (or boost PAC dividends, or buy back PAC shares if that make sense).

Hopefully, we can back a few more winning boutiques and perform like PNI, but PAC doesn't appear to have the distribution muscle that PNI has developed.