PAC FY24 announcement Fri 23/04 - thoughts/opinions?, page-3

What i'm focused on for this reporting season will be

- The proposed calender of events for the buyback, i.e when is the price determined, the expected confirmation from the ATO, when is thee shareholder mailout, shareholder votes & buyback dates etc.
- When is the Carlisle sale to Abacus expected to occur? Is there an update on the regulatory proceedings with the sale? Ideally, proceeds are received before the buyback.
- What is the FMV adjustment 30/6, the directors will adjust there figures inline with the sale prices achieved for Carlisle & VPC.
- Is the amount of buyback going to be ramped up given the sale of the additional boutiques?
- Post sale of Carlisle to Abacus, are they intending to sell the bonds or hold for the income?
- Is it noted that with the Carlisle sale to abacus has equity in lock up until January 2026 of ~US$13m.
- With the VPC sale, we have a portion of proceeds being received in Janus stock, plus a potential further amount in earnout for the 2025 & 2026 years.
- Pennybacker has deferred payments to be received of US $15m in both 2025 & 2026.
- Either way, a portion of the sale proceeds from the (3) above boutiques are going to linger for atleast 18-20 months, plus combined with Abacus stock being locked up, the wind up is going to take longer then expected.
- What the remainder business will look like on a FMV basis and the management expense will look like going forward post sales.
- Hopefully some positive updates from Banner Oak, after the debacle at the last presentation that the cornerstone investor was redeeming substantial funds in several years.
- EPS will be hard to calculate going forward given the asset sales and what is left. The real focus is the FMV and the break up play occurring.
- I know @lost mentioned for an update to divesting all boutique businesses or will they look to keep ROC, Astarte, EAM etc... Yes that would be ideal to find out, but they will be guarded on what they say. Id say everything is for sale where they can, but often they are the minority investor and have limited options to exit.
- Not sure if i want to stick around to the death on this stock whilst they are winding up the remaining carcasses, so the updates will be important.
- If the buyback price is north of $11.50, i'll most likely exit in full