Ann: Pacific Current backs Private Infrastructure Firm, CAMG LLP, page-12

Hi Lost

I am still positive about PAC's future and, for lack of any other information, have been taking a keen interest in recent share trading activity.

There has been an exodus of some of the old Northern Lights connections from the substantial shareholder listings with BNP and Laird Norton selling down, but these shareholdings have been picked up by locals IOOF, PPT, Copia, David Paradice and Geoff Wison fund management groups.

There does not seem to be much retail investor activity, just the algorithm traders beavering away. I put this down to lack of advice on where the company is up to in regard to the use of the funds generated from the sale of Investors Mutual. The advice re CAMG LLP is minor in the scheme of things. However the institutions that have bought in would have done their research, made company visits and come to the same conclusion that some of us on HC have reached, that PAC is undervalued.

The FUM report will be useful but I would be more interested in a more strategic view of what is going on. We have been told previously that they are after businesses that are not so directly correlated to share market activity. Can they tell us where that is up to?