PL12 Jun 2020 09:36
morning all
I have been building up a very large position here (by my standards), having traded this successfully since the beginning of the year.
What attracts me to PPC is my history with IEC imperial energy which was PL's last company, some 11 years ago.
IEC was an oil company based in Russia, not an easy place to do business. It seemed to me then a successful tho undervalued company (as are most companies operating there)
Even tho it was tough I always felt my investment in IEC would come good because of PL
IOC (the national Indian oil company) made a fantastic offer for the company, just before the oil markets took a turn for the worse. I remember the Indian PM had met with Putin and sealed the deal amongst others between the 2 nations.
I seem to remember the deal was to close on 31 December at £10.50, however the markets didnt believe IOC would close the deal due to the worsening times in the markets. Indeed on the morning before the deal closed you could still buy on the open market shares in IEC at several pounds less than the buyout price.
I had full faith the deal would be sealed and treated myself to a car with the proceeds.
I believed in PL and his ability to deliver a deal, it helps that he is able to integrate with powerful allies.
I have the same feeling now with PPC which is why i stopped trading and have built up my investment.
I have every confidence that PL will deliver even tho operating in difficult times/places (again) not least because he has skin in the game, and he has once again aligned himself with a powerful allies.
GLA
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