Sum of the Parts circa $13.13

Hi All

With the sale of boutiques at higher than fair value, thought I'd update previous baseline sum of the parts figure. As follows:


Note, this doesn't incorporate expenses or all taxes, however believe the sum of the parts has increased and become more certain since Carlisle has been sold.

This number also doesn't take into account the duration of the settlement over two years and any risks associated with non-payment. These risks are low

The other point to make is the valuation number won't necessarily be returned to PAC in terms of an asset sale. As an example, the Banner Oak valuation will be cash returned from earnings based on the investment agreement - at a minimum. A positive outcome will be the business will diversify its client base and be able to be sold at a reasonable valuation. There is still upside here.

Keen on thoughts and feedback.

Best of Luck
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