I was never very good at maths but if we are to believe the valuations in the PPN half year report, then the net asset value of the company was $10,286,910 on 30/12/2008.
Before the buyback commenced there were 34,654,040 ordinary shares issued by PPN.
As at 1/7/09, PPN had bought back 1,327,987 shares.
If my calculator is working correctly, that leaves 33,326,053 shares.
If I divide $10,286,910 net asset value by 33,626,053 shares, the net asset value per share would be 30.87 cents.
My old maths teacher would have been proud of me but don't tell him I used a calculator.
At the IPO in 2003, the company was offering special Daily Planet share certificates which are probably now collectors items like the prospectus. It seems to me that those shareholders who paid 50 cents at the IPO, and recently sold into the buyback at around 19 cents or less, should be issued with a special certificate "Screwed By The Daily Planet".
PPN Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
