Ann: Pacific Current Invests in Banner Oak Capital Partners, page-19

Thanks for that Greg. We are definitely looking at a minimum 20c first half dividend based on cash balance and maybe 26c-30c second half dividend.

Need to wait and see the debt facility now. Doesn’t seem to be any urgency. Likely to be in place by the end of this year. Given GQG 4% value being around the $150M after tax @$1.70, facility could be up to this amount. As we saw with the Banner Oak purchase, assume $A50M upfront payment, PAC could easily generate an extra 39c in EPS with additional money (or $A20M overall), money has to generate $3 per share in capital growth over time to be worthwhile.

To prove the theory, PAC’s investment in Banner Oak will need to grow share price by $1.30 over time or 10x earnings per share price extra (despite PAC current PE ratio of 14.5x).

Best of Luck
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