Ann: PAC to Return Surplus Capital to Shareholders, page-5

Hi @Chrislechat
It was more stating the obvious with the massive pile of cash and PAC management clearly looking to liquidate the boutiques over time. Not many people can easily justify redeploying such a large amount of cash (more than 50% of market cap based on today’s price).

Hi @Shake It
I brought the NAV number down to approx $12.50. I think the buyback should be around this figure with a bit of a discount, but not too much.

Makes sense why River Capital were buying up at $10.50.

Believe Regal will be peeved they missed some easy money over a five month period (potentially on a reduced tax basis).

Share price should exceed takeover offers in the next couple of months as the tax ruling becomes clearer and the potential of earnings coming through from the current boutiques.

Note, we have to see what will come from expert advice put out by the company and the ATO ruling.

Best of Luck
Lost