I apologise, you are right. I was only estimating at current...

I apologise, you are right. I was only estimating at current prices and then added a margin of error. If the scenario as you described does happen, the value could be diluted to such a point as to no longer being cheap.

At current levels, PPX is still trading below NCAV by quite a lot. My position reflects this as with my other value plays. A position that manages risk vs reward both financially and emotionally. I am happy with any upside but will not be unhappy with downside. I am not betting my house on this but rather spreading out to different 'value stocks'.

Right now my strategy has me outperforming the market substantially but it is such a small sample size, it could all be luck.