Ann: Rejection of conditional, non-binding indicative proposal, page-51

@kray
well said! my thoughts exactly.

not sure why peeps see the PDL tie up as unfavourable?? At first, theyll allow them to operate as they are "boutique style". Over time, funds of a type will be made to merge (typically leaning toward the higher mngt fee "active" portfolio) which will remove duplicate head count and provide mngt fee % uptick (PDL avg fee typically lower than PPTs) so an overall lift in avg fee will generate much higher return on a combined $200bn+ book....!

Rob + Board clearly have a strategy and long term plan to leverage the diversity and scale of the PDL business to generate greater profitability and returns from it. Its a natural fit to me and the numbers stack up - even now modelled under the status quo, let alone when things are further refined and teams rationalised, funds merged etc & optimised.....

....hence why im buying back into PPT at $19 conversion price VIA PDL...my moneys on t/o proceeding!!

bring it on...!