Ann: GQG Listing, page-25

Hi All

Here are my back of the envelope calculations now Prospectus is out:
- Dividend will be 11c per share
- GQG issuing 2,952,800,000 shares in total
- Assume $2.20 IPO share price (or soon thereafter), PAC will own 4% of shares on issue, 118,112,000 shares.
- This is $259,846,400 of asset value, current value $115,275,000 (2021 PAC Financial Report Note 18f). This is an increase of $144,571,400, or at new shares on issue of 51,037,552 - an increase of $2.83 per share in net asset value (note, share price has only increased $1.20 per share since the news of GQG broke, PAC is still missing $1.63 at todays share price of $7.40, not including the additional 1% of cash $64,961,600)
- Add in the cash received for 1% after tax (assume the whole lot is taxable), 20% tax, reduced to 10% because PAC has owned GQG for more than twelve months. $64,961,600 - 12.5%* tax of $8,120,200 = $56,841,400, this is an extra $1.11 per share in assets
- Extra cash of $1.11 per share + $2.83 of increase of GQG, added to net assets on page 13 is $7.92 (+$3.94) = $11.86 per share of net assets

* Note, assumes GQG is held in a trust, not in a company. If held in a company the tax rate is 25%, or less another 16c per share.

Anyone believe market has recognised the value of GQG to PAC yet? There is a huge margin of safety based on yesterday's share price and Net Assets.
$4.46 is missing or 60% margin of safety on a net net basis. Anything under $10 is a bargain based on GQG IPO.

Best of Luck
Lost