This is a disappointing update. I think most brokers expected higher NPAT for 2020. Ord Minnett, the company broker, expected over $27m. If the earnings from the new investment are not included the 2020 result looks even more underwhelming for the existing portfolio. It is also disappointing to not get a full investor presentation. It is difficult to know details about these businesses without a presentation. Increasingly it looks like pac overpaid for victory park.
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