@TEPCapital as a PSI s/h, i think it is fair and an add-on at 1-2% of mkt cap. hope the shareholders stick around. Comes after AUB pulled out of the sale of their UK ops to PSI. i think psi was getting too good a deal in that case. acqs in insurance broker land are ususlly favourable experience. ultimately SDF may look at psi, we shall see.

I didn't expect PSC to acquire ENA given they'd just bought the UK division - good to see it was at around fair value but do wonder how big it could have been if they kept executing.

@Solvetheriddle,

PSI certainly looks positioned to continue its compounding journey as brokers/intermediaries take additional GWP share from the traditional direct insurers.

For ENA holders, I think it makes sense to wait for the deal to formally close, such that ENA shares convert to PSI shares at the equivalent value of 28c/share (versus 26.5c on market currently).

From there, some may choose to retain exposure to the insurance broker thematic with PSI going forward.

@Strawman - assuming if/when the transaction completes, will Strawpeople with ENA shares automatically convert to PSI shares (+ cash, if the PSI share price falls) as per the real-life deal conditions?

Cheers,

Hi @TEPCapital -- it won't be automatic (deals are always too specific for it to be an automated process). But I can manually adjust for anyone who wants the shares. Otherwise I can just close out the position for the cash equivalent (as if investors just immediately sell their PSI shares).

Ping me at the time if miss it.

No worries, thanks @Strawman. :)

Will touch base then.

Hi @Strawman - could you please manually close out all of my ENA position now that the transaction has formally closed (past the 'record' date). Effectively this is equivalent to selling all of my new PSI shares in real life upon open at what is the equivalent of 28c/ENA share. Cheers,

I've closed out your position manually @TEPCapital (nice little return over 2 years btw!)

The rest will need to wait until the ASX officially removes it from their directory (it's still classed as "suspended" here)

Of course, anyone else who needs me to manually adjust just let me know.

Mixed thoughts from my end.

Happy to see the value realised at a nice premium but was keen to watch ENA execute over the next 5-10yrs to become a dividend and compounding machine.

Will allow the process to unfold to realise full value ......