H2 Dividend estimate, page-16

I think it is also worth noting that there are some investors who had invested in TRG/PAC prior to 2013 who are just getting back to break even.

In early 2015, PAC’s shares reached a high of $15 on a dividend of 52c and in the middle of a bull market collapsed from self inflicted wounds.

This is now in the history books and moving forward PAC’s management has the opportunity to demonstrate what it’s capable of, good quality early stage business growth in the funds management sector.

There is still a 10% margin of safety in the event the PAC business is liquidated. Together this business is worth a lot more than Net Assets of $10.50, the 20% earnings growth alone should push it back up to historical highs.

A couple of points, PAC issued shares when restructuring and the business today isn’t the same as 2015. Arguments above make the case the business is better today with a larger addressable market opportunity that is greater than other ASX listed fund managers.

This has led to a business being created that is aligned with the endowment model popularised by David Swensen. The mix of multiple asset classes makes for an increasingly stable business during all economic conditions. All businesses wont be firing at once but they will stabilise each other out.

Good investing to all. Hopefully Net Assets mark will be reached with good earnings growth by the end of August.

Best of Luck
Lost