Hi Lost Thanks for the post. It is the clearest advice I have...

Hi Lost

Thanks for the post. It is the clearest advice I have seen on what PAC's financial arrangement might be with GPG. If it includes 21% of profits, as suggested, it was a steal and PAC's future looks much rosier than I have expected. For example Magellan has $45b under management and earned $196m last year. GPG has $12.8b under management, so could it earn $55m per year, with around $11m flowing to PAC? That would add another 20cps to last years earnings, based on just under 50m shares on issue. And there is still more to come when the $120m of spare cash is invested. The 46cps dividend next year looks conservative. I hope Clime have got it right.