With $150m cash (25cps) not being reflected in the SP (at approx 19cps) - buying back shares at this level (since there are some still prepared to sell below 20c) is like paying 80c for a $1 coin - without even considering the ongoing value from Tui... It does seem ludicrous for them not to do this. Buyback whatever people are prepared to part with at irrational prices!!!
I have no doubt that a buy-back, given they wouldn't need to spend a lot of their cash to do it, would also re-invigorate the share price somewhat. At the moment, people obviously won't touch it despite the positive differential in cash because they (PPP) appear to have no concept of how to return value to the shareholder... which is quite obviously not a great prospect no matter how much excess cash they have to play with!
PPP Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
