I am not sure about many things around the P&P process as well. I don't have any evidence but here is my gut feeling and it's all I have.
1. I can imagine that P&P had huge trust and faith in the board including NC. Personally, I think that there was a huge letdown not only of P but I think of many on HC who had engaged with NC and others on the board. My perception and gut feeling I am not sure of my facts here.
2. I have a rule that when members of the board start befriending HC posters I go away - Here I felt the opportunity was bigger than my rules. Maybe that has been my problem greed overwhelmed me. It has caught me before and will catch me again.
3. I am, also not surprised that P&P have sold down to virtually nothing. Being letdown is really hard and in fact, it is almost worse than the money. In their case, they indicated that they were sitting on substantial profits so maybe not so bad but from the highs, it must be hurting.
4. I don't see it as a betrayal that they sold or any of their actions. I don't even see any conflict in the sentiment. Each of us have different risk profiles they may well still see it as a buy but because of the board prefer to keep watch without the active shareholding.
So No I am happy for the advice they have given and I decided to purchase my stake and I didn't purchase it for many months earlier so I am at fault (if it's that) to have invested here.
I stay invested so any price action is as a result of my investment behaviour, not anything they have posted.
What does hurt is that the new management team are probably losing some of the faithful despite the change in style and behaviour. I hope that at some point those faithful return if the hard facts support the transformation.
