Tocqueville - There seems to be a severe case of arrogance-itis...

Tocqueville - There seems to be a severe case of arrogance-itis at PAC I strongly suspect. They are functioning nowhere near my base level of expectations.

Lost - re Tax - have not looked carefully, but for tax purposes, I expect they will pay CGT on the net sale proceeds - net acquisition consideration pretty much. The financial accounts and the tax accounts are two very different things. Could be a significant amount of tax due, like $30m ish or so I expect. If they have paid CGT or tax on restructuring at some stage since the acq, prior to now then I will change my mind. (I am assuming the worst - so not fussed)

I bought some today - on reflection their other funds aren't doing so badly. This business would be worth much more with either some key management and board changes, or a big attitudinal adjustment. The SP could be 20% higher with some very simple improvements to communications. It should be a no brainer to gradually improve the liquidity and price of the stock too IMO, on balance. There are traders out there who trade fund managers, and you just need to make it easy for them to get the picture. Even better would be for PAC to be acquired by an unlisted entity for dismembering into component parts, but that should not be necessary.