Ann: Change in substantial holding, page-52

So here is some data that i find interesting.

PPK SOI is 89.3 million. Of this 60.1% are owned by the top 20. That leaves around 35.6 Million shares owned outside of the top 20.

Myself plus 87 other people own over 100k shares. so lets say on avg around the 200k shares (as the top 20 finishes at 515k) That means another 17 million shares. Add the top 20 = of the 89,3 Million most bar 18 million shares are locked away. (for arguments sake large holders are not trading)

That would mean this FY 48 million shares have been traded, so retail are basically selling to each other all the way down. 18 million are free floating and 48 million traded? Seems pretty clear that on any good news, the impatient are the ones that will be transferring their wealth to the patient.

At a minimum PPK have to be worth 350-400 million MC. That is not considering the IP in all of the companies. Just assets cash and then you need to think of the Goodwill/IP, what is that worth? It is a very frustration stock to hold, as it's like looking a gift horse in the mouth alone on a deserted island....