I'm not fussed about the SP level, more concerned with a fully...

I'm not fussed about the SP level, more concerned with a fully franked dividend.

Also, should the trustee business and the fund management business stay tied at the hip, or should the trustee component be sold off to private equity or some other strategic buyer? Offers should be entertained, but any receipts should be paid out in full to shareholders and not used for more empire building.

Ultimately, my primary concern is that PDL is their LAST acquisition in funds management. Either grow organically or don't. Stop making other people rich. Serious adverse selection risk when buying human capital enterprises, particularly with non-sticky revenue streams.