Hi Fidosnos & Westwind Thanks for your kind words and the...

Hi Fidosnos & Westwind

Thanks for your kind words and the information. Wish I had more time to read and post more on PAC. Believe hotcopper is a great place to post ideas because I always get good feedback from everyone (not just positive, always good to get people to question what I think). I have been working on a couple of big work projects and haven't been able to post over the last month (weekends are pretty full), next month is pretty full too.

Will write more detail towards end of August when PAC reports. At this stage here are following key positive points:
- debt paid back in USD, currently a great time to do it. Debt will look a lot better this reporting period.
- better cash flow due to debt reduction
- FUM going up comparable to leading players in AU market
- PAC now in position to move to the mean return in Industry (50% margin of EBIT according to IBISWORLD, the margin not PACs capability). This is key, when management demonstrates performance comparable to industry standard, one word will explain it, rocket ! Maybe not these results announcement, will happen in next year or two IMO.

Best of Luck
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