In terms of US tax liability PAC will need to pay approximately...

In terms of US tax liability PAC will need to pay approximately $AUD57.68M based on a 28% long term capital gains tax rate - 21% federal tax and 7% Washington State Capital Gains tax is due.

The cash to be received after tax is $AUD199.62M.

This assumes all of the losses in note 4 of the financials can be used ($AUD46.3M).

Calculation in AUD as follows:
$257.3M GQG sale proceeds
less $46.3M in tax losses
less $5M investment amount
$206M net proceeds after applying tax losses
*28% in taxes (21% Federal + 7% Washington State)
$57.68M ($206M x 28%)

Net proceeds $257.3M - $57.68M = $199.62M

If GQG was held by an Australian entity it could have used the long term holding 50% discount. Assuming net sale proceeds would be:
$257.3M GQG sale proceed
less $46.3M in tax losses
less $5M investment amount
Divide by 2 (50% discount)
$103M in taxable gains
*30% (because over $50M in revenue)
$30.9M ($103M x 30%)

Net proceeds $257.3M - $30.9M = $226.4M

Happy to be corrected on above calculations if anyone has a bit more insight into US taxes.