At risk of the response, I've just done a quick comparison of NZO and PPP, and NZO looks better value to me, with much less risk.
Before considering the NZO oppies
NZO mc $350mm
PPP mc $189mm
Adjust PPP for the NZO Tui stake - $236 mm
Deduct $95mm from NZO for PRC stake - $255 mm
Doesn't leave much valuation in NZO for Kupe does it?
Sure, the comparision is a little rudimentary, and NZO's upside will be severely diluted by the option conversions, but it at last has signs of having a management team, and some prudent ambition.
All I can see with PPP is this huge risk that somehow they blow the cash, or that there is wealth transfer from ordinary shareholders.
With NZO I know there will be a divi stream, and that the NZ imputation credits will be used (and in my case useable).
Discl: Hold a few PPP from years back, bought 200k NZOO last week.
EL
nzo vs ppp
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