shareholder group

I have no doubt that PPN is undervalued by the market. It is thinly traded but there is stock available for bargain prices right now and the company announced a buyback which the CEO said at the AGM last week would be activated. If they start buying back what little stock is on the market, the price will go up appreciably. I subscribe to Lincoln Indicators, which I reckon is the best stock evaluating tool around. They rate PPN as a Strong company financially - their best score on financial health - and the company is as you say making money from three good steady income businesses namely the rent on the building at Elsternwick, a half share in the profits from the Royal Melbourne Hotel and the whole take at Bar 20 which is basically recession-proof. If PPN cleans up the unmarketable portions through its buyback, there will be very little of this to go round. They have two new directors who know this business and if they set their sights right, they will make it even better in this FY.