PPP (and to a lesser extent NZO because they have Kupe capex...

PPP (and to a lesser extent NZO because they have Kupe capex commitments) is the type of company that could really thrive in a bear market like this if it continues on.

The cash that is going to sit on their balance sheet will turn out to be colossal and by the end of 2008 or mid 2009 that cash is going to be somewhere near their market cap at 22.5 cents being A$130M. You cannot certainly play hooky with the reuslts, but you can't hide cash. And it certainly isn't a bear market for oil prices and Tui is still cranking it out and that simply turns into serious cashola. They will earn a packet in interest alone in 2008.

There must come a time, despite the apparent lack of management, whereby they simply cannot help but start to buyback their own shares and cancel them. My calcs of the value of Tui to PPP with Tapis at $110 is Aust 40 cents a share totally net after payment of all taxes and costs and payback of loans.

Maybe they are happy to let the shares decline with the fall in the markets. Will play right into their hands (if they are smart enough).