This share has always been an incredible performer...

This share has always been an incredible performer fundamentally. The market never took well to it due to poor sentiment in the retail sector and DB's on market dumping of shares.

They are fairly diverse across all brands however definitely an out performer in plus-size fashion in Australia. If I had the same cash ABI/Coliseum had I would of made the exact same play. Since IPO there were a ton of shares being sold in small parcels by DB who were trying to unwind their holding on the market (they have had this business for years - prior to the last owners as a private equity play), this has inevitably kept the share price low in the 50-60cents. ABI/Coliseum came in a like a vulture and took a bulk purchase of DB shares and snapped up as much as they could.

The impairment at June 2014 was a "go hard now so we don't have to do it again" similar to Qantas. What I laugh at is the lack of general understanding how wholesalers operate in the fashion market. They all carry hefty goodwill and intangible assets for purchasing distribution rights which are fundamentally impaired from the beginning. The profit horizons for distribution rights span greater than 12-months for some of the big brand names, however accounting standards does not adopt the same mindset which = impairment write-offs.

I have a lot of experience in fashion wholesalers and retailers and I can say without a doubt what PAS are currently carrying in intangibles is low compared to the private market which is not scrutinized as harshly or in the same way.

This group will continue to grow for the next 2-3 years. It will not have an on market run however an international acquisition will be on the cards where ABI/Coliseum and us remaining shareholders will likely make 3x-4x our money.