ii fund pulls out, page-6

PGA is trading at half its real value when you consider what the multiple of 77.5 that was used for the last sale. I am not concerned that they have sold down, any prudent investor would probbly like to take a profit if they made 80% return. Plus they have probably found due to the price increase that they prefer to diversify their holdings.

I am happy holding and think that the company is now lean and poised ready to take advantage of its posiiton. I still believe they are prime for takeover.