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Just had a revisit to PPC to see how you guys were progressing, you could say I am somewhat surprised/stunned or shocked that the sp is actually lower than when I last looked a couple of weeks ago. As the decree in Argentina had been lifted enabling PPC business to return to normal profitability, the new assets acquired increasing production by 10% and with work well underway for laying the new gas pipe I really thought it would have been over 5p. I could have understood if the sp was the same as people could be concerned the new Argentina government might re-enact the decree.
Must be very frustrating for holders, I know I’ve been there before and just had to sit tight and wait till sentiment turns, it always does PROVIDED the fundamentals are there.(they appear to be there in this case). If I was a shareholder, I would be asking myself what has this company got to do to get the sp rolling, paying a small dividend would help but personally I wouldn’t be in favour of that, I would prefer to see them re-invest. I think you just have to wait till they come back in fashion and the sheep (city boys), start taking positions. The sheep (ii’s) will eventually arrive, there problem is they won’t invest until they see others invest, it’s like a kid with a toy, whereby a kid doesn’t want one of his toys until another kid does.
Personally, I think the vast majority of the city boys haven’t got a clue, they only jump on/off board once they see others doing it. Off topic – for 3 years I have been bleating on to people that any company into commercial property will be suffering badly but their future prospects look dire. Whilst 1 fund manager stop people withdrawing funds last week investors should be very weary about companies like INTU. INTU have a serious problem because there is less demand for property, rents are falling (think IVA’s), the value of their assets will be falling (asset value correlation to yield i.e. rent). In addition, the cost of having commercial property vacant is staggering, insurance is very expensive when vacant and they still have to pay the business rates whist vacant (something most people are not aware off and you can be talking serious money). If you then look to the future and ask yourself are things going to change/improve, are we just about to have another retail boom ? Personally, I think not and after Christmas we will regretfully probably have some more casualties in the high street. INTU will tap shareholders for more money to keep them going but longer term what are their prospects of survival ??
Good luck guys, I’ll revisit you at end of year, I am looking forward to getting into bed with PPC as soon as I can sell an investment in another oil stock.