Agree with your sentiment regarding this 'physical business' and...

Agree with your sentiment regarding this 'physical business' and it's management, but don't agree with putting the issues down to APN and them splitting it out.

However thanks for reminding me of the referance point, because while several NZM posters have raised issue with the 17c to $1.29 SP rise this year, the current price isn't stretched from a 5 1/2 year timeframe and considering the 'water that has flowed under the bridge' in that period.

While many if not all sectors suffer from SP overruns to the topside and lowside, this sector can suffer it on 'roids', which I also need to remind myself.

Fortunately & uniquely, NZM currently offers it's shareholders the best of both worlds......
If you think it is overpriced or as some have said, the 'Buy Back' is at a bad time & at expensive prices........you can simply SELL into it (at least with price support).
If on the other hand you see a good business, being well run, and in a sector & an environment which is finally rewarding same.....you can HOLD onto it (or even potentially ADD).

GLTAH's, but I just struggle with too many posters.'Dammed if they Do, dammed if they Don't' management sentiment, and maybe posters should also 'be careful what you wish for.'