@lost Still thinking about this in-specie question.
PAC is probably in a rather common situation : a group where the sum of the parts is higher than the market cap. So, it is interesting to see how most of the groups deal with this question. I think it is quite rare that they use the "in-specie" solution. My experience is more than companies decide to do a spin-off to let the market decide what's the real value of the interesting asset. PAC' situation today is quite similar : the listing of GQG should let the market decide what's the value of this asset.
So, if GQG listing go through and the market values it as we expect, I don't see any reason why it would not be reflected at the end in PAC's market cap. Of course, at this stage, there may be still be a large discount for PAC vs its sum of the parts. In that case, it would make sense to think about "in specie". But, now, it looks a bit early to me.
