I am assuming Regal has a significant holding at their disposal. That and the fact most PAC holders consider the interest in GQG the crown of their investment. It's like an added incentive in the fact they get to keep that interest to some degree.
It's an interesting move by Regal, but we all knew they have been sniffing around for a takeover target.
Personally, I would prefer Regal to stay small and nimble.
Ann: PAC: Non-binding Indicative Prop to acquire Pacific Current, page-3
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