At risk of the response, I've just done a quick comparison of...

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