dont get me wrong but tui is nzo major asset at present. Pike is medium term and pike longer term. Due to discounting the major value at present comes a from the cash then tui then pike and finally Kupe. Hence it should be valued accordingly. 1nzo-5ppp isnt right every one could see how undervalued ppp was its just some people chose to look the other way i mean ppp cash backing per share was greater than the market cap in essence TUI was valued at nothing which was crazy then. TUI is the money maker for both companies yet it was valued into nzo share price though not into ppp. i would say 1nzo-3ppp the current shareprice of nzo isnt reflective of its value but this shouldnt detract from the fact that nzo will have to pay a price for ppp that values it at its true worth i did some calculations today and came up with a conservative figue for ppp a A$220 million or A$0.37 a share time will show what nzo will do i am somewhat biased in the fact i only hold ppp.