I am with you kitty in averaging down, especially below $1.20...

I am with you kitty in averaging down, especially below $1.20 where on market buy back was accelerating.

Presently, none of us can know if PTM is incredible value at current levels or just a value trap. Only time will reveal that answer.

I have my personal view and have engaged my personal strategy to reduce my average cost down to the high $1.50s. This is getting close to the level l expect either an MBO or M&A offer, to turn a disastrous investment into a break even result, or possibly much better than that. I really don't know, but have been in this position many times.

Focussing on fundamentals, NTA is well over 50% of the current share price. The funds management business that generates between 8c and 10c per share, is on a forward PE below 5. Debt is nil. I am attracted to these basics.

2022/23 Remuneration

For clarity, the remuneration bonuses/compensation you refer to were struck on extreme multi fund outperformance up to 31st March.

Since that time, most funds have underperformed so one can reasonably expect FY2024 remeneration will fall back, mitigating the revenue loss from declining FUM.

There's a lot of moving parts to this business including seed and other external investments, making forecasts, either way, difficult.

Being overweight China and cash, and short the US makes Chinese market performance over the next 6 to 8 months critical to the outcome of many funds.

Interesting times ahead.

GLTASH