Thanks @jace.h - wouldn't stress too much talking about other...

Thanks @jace.h - wouldn't stress too much talking about other companies here. We are always comparing to try and understand why there are such differences in values. You have opened another aspect for us to review deeper.

Here are the Regal numbers:

FY21 was obviously a good performance year. Shows what is possible in Australian market with good managers. PAC's boutiques like VPC where PAC participates in earning performance fees, generate nothing like Regal. As you said, not many Fund Managers earn such fees.

In terms of VGI, the performance bonuses to staff look like they are about $2.3M on $50M reported (June 20 half is $2.3M less for employee costs), not much in the scheme of things.

With Regal owning 8.34% of PAC now, maybe they will seek a board seat to shake things up and show management how higher performance fees can be achieved with the boutiques PAC owns.

Best of Luck
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