Misleading. Of course any valuation of the IP would impact the...

Misleading.

Of course any valuation of the IP would impact the SP...not necessarily the day to day trading price but imagine if BP came knocking with a TO price of 20 cents per share and we have an IP valuation of $2/share.....you gonna sell. it also allows share owners to understand the potential value of their shareholdings so therefore less willing to sell at the current SP leading to a rise in the SP

Think of selling your house and you have a valuation 20% higher than what similar houses have sold for. Are you going to put the property on the market knowing the market will buy it at a 20% discount to the valuation. Unless you are desperate smart owners will hold and use the professional valuation as a marketing tool for the higher price.....just as PAA should.

A valuation avoids the potential for PAA to be sold dirt cheap to a BP crocodile. It will also influence the sales attitudes/pricing requirements of current holders. To say a reputable valuation will value PAA at its current SP is misleading and ignores the various rigorous valuation methodologies in favour of the simplistic current SP.