hi Sentia
I may have missed it in your post, but one of the bigger reasons for the difference in share price between NZO (12.5%) and PPP(10%)of a change in Tui reserves is the number of shares on issue.
PPP has 588M to share the gain over
NZO has 256M less than half. If the options are included as if they were all fully participating shares (another 138M) making 396M in total, still significantly less than PPP.