You ask a very pertinent question. I look at the Aurora Trust Accounts because we will eventually own the lot (hopefully). The XRPU debt has to be paid off prior to March 2018 before we get to own 100% of the trust.
The liabilities as they stand today total approximately $A93.5M (XRPU-$A57M, Aperio $A13.5M, Seizert $A23M at an exchange rate of $0.754).
Post EGM (15/03) of shareholders vote for the Restructure, you will be looking at debt of $64M.
With post-EGM debt due March 2018 and Nov 2018 totalling $50 Million and another $6M in 2017, there is no cash to pay the whole lot. This would equate to a liquidation sale and there wouldn't be many people lining up to pay top dollar for the Funds currently owned, particularly the Northern Lights owned funds. Who would pay top dollar for Seizert Capital, a fund that has halved FUM ever since PAC shareholders have owned via the Aurora Trust.
Recalculating your figures above pre-EGM,
Assets = $238,499,267
minus, Liabilities = $93,500,000
divided by shares on issue = 28,125,955
Share Net Value = $5.17
Recalculating your figures above post-EGM,
Assets = $238,499,267
minus, Liabilities = $64,000,000
divided by shares on issue = 41,805,632
Share Net Value = $4.17
The increase in equity post-EGM kills off any short term gains. If any company came in to takeover today the share net value would be about $4 as it would trigger additional shares for Northern Lights Group instead of the agreed 1.2 Trust Units for 1 PAC share.
Also keep in mind, until the XRPU debt is paid off, PAC shareholders only own 65% of the trust still, Assets are likely to decrease further by 35%. Anyone taking over would need a lot of cash to throw at this thing before making a value based investment.
Best of Luck
Lost
PAC Price at posting:
$4.75 Sentiment: Hold Disclosure: Held
(20min delay)
