News: PAC Pacific Current Group Pacific Current Invests Us$34.25M In Carlisle Management Company, page-41

It would make sense especially if they use scrip. There would be some sizeable cost synergy. The obstacle is the complexity in some of the PAC structures. In the Victory Park presentation there was a reference to a poison pill in the event of a takeover. Nothing is impossible. Perpetual would be in a predicament as they would need to assess what is in the best interests of the investors in their funds relative to the mothership. I am not sure how much the fundies can try to squeeze on a higher price if the mothership wanted to acquire. Massive conflict to manage for them internally. I also Question whether the American management team of PAC would want to work for Perpetual. With money so cheap, you could see PAC being taken by an American PE firm or a US equivalent like AMG. Northern Lights was a PE firm after all pre PAC merger.