Ann: PAC to Return Surplus Capital to Shareholders, page-14

Hi @mamos

For the DTL, it’ll be in the notes somewhere. I’ll read when I get the chance this week.

My understanding (without reading notes) is tax is due to US government and the provisions are based on this. PAC owned GQG shares through a US entity, therefore tax is payable to US govt.

The FV estimates are low for the three boutiques (VPC, ROC + Pennybacker) due to historical valuations where PAC has sold high performing boutiques for higher multiples (Aperio is the example here). It is difficult to build up the stable of boutiques that PAC has and if they were to be sold a premium should be attached to them.

The last year has been difficult for raising capital in the US and is likely to be so in the next 6 months or so. After this we will need to wait and see.

If these boutiques can attract FUM at the same rate as the last two years, valuations in these boutiques will be greater than fair value. PAC management won’t/shouldn’t sell at under fair value.