PAC in Under the Radar Report today, page-15

We definitely need to keep both feet on throat. Negative points from today's Investor Presentation (I didn't attend):
- Board and management are currently assessing options to strengthen the balance sheet in order to better position PAC to take advantage of strategic growth opportunities (re: capital raising or increase and extend debt terms), page 23, last paragraph. It is likely to be a capital raising as they want to reduce debt.
- The FUM in the Independent Report by Leadenhall was different to todays presentation. For example, AlphaShares was US77 Million in Leadenhall Report, it is US202 Million on page 15 of Investor Presentation. Goodhart was $A620M in Leadenhall Report, it is US682 M on page 15 of Investor Presentation.
- The interest expense will increase back up to $4 Million in 2018 if PAC don't strengthen the balance sheet in 2017 and pay off XRPU's.
Positive Points:
- GQG, IML and Seizert Capital are performing better than benchmarks, Seizert Capital particularly.
- Good growth in FUM across the board, particularly the US FUM is up since February 2017.
- Board expects meaningful acceleration of FUM from Growth Boutiques in Calendar Year 2017.

Best of Luck
Lost