Speculating a possibility, page-17

PPG seems to small for CKL. CKL would IMHO be a better fit as part of PGH but only IMHO. Speculating on Ruffy's motives could be anything as you point out, bottomfeeder, it could be a block (which indicates value) or it could be to achieve a strategic goal for CKL which IMHO is more likely. But I am more optimistic than other folk in Australia about such things so perhaps Ruffy is more negative towards his own considerable holding in CKL than I am with my humble small holding.