Thanks lost.1. My understanding is there may be no US tax, and...

First 13 Last

Share
Profile

Follow
mamos

51 Posts.

28/04/24

12:57

Post #: 73543194
Share

Originally posted by lost: ↑

Hi @mamos

Here are my thoughts on your questions:
1. The GQG stake is taxable at US Rates - see other posts
2. Deferred consideration definitely moves to GQG - PAC will not be paying it.
Other consideration is the Banner Oaks deferred liability will be $0 now given the news Texas Teachers will in house their investment strategy - Banner Oaks has to raise FUM from other customers. It will only be a mediocre investment going forward with invested capital returned over time.
3. Intangible assets shouldn't be considered. Fair value estimates are after tax expectations and should be viewed as conservative for Victory Park, ROC Partners and Pennybacker.
4. I don't believe any of the Deferred Tax Liability (DTL) is able to be applied to the GQG sale.

I am hoping PAC board release detailed information in the pack to answer your questions. Believe they need expert advice confirmation on these matters before releasing public. Not as simple as it would seem.

Best of Luck
Lost

Expand

Thanks lost.

1. My understanding is there may be no US tax, and potentially no Aus tax yet this has been provided for in the DTL amount.
2. OK
3. Agree.
4. The DTL is there from the GQG revaluation. Whether it is now to be paid is unclear.

Any view on why the FV estimates for Victory Park, ROC Partners and Pennybacker are conservative?

Thanks

PAC Price at posting: $10.15 Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

Reply