According to the announcement the $0.03977 fully franked dividend will be distributed on 21/12/10 with a record date of 14/12/10.
I was never very good at maths but I reckon $0.03977 is about a 14% return on the current share price of $0.285 without taking into account the value of the franking.
If my calculations are correct, a share price of around 60 cents would still be good value with a return of 7%.
Over the past week we have seen everything for sale quickly bought up.
Unfortunately there are very few shares for sale at the moment so we could see a bidding war for the few shares that do come onto the market.
Many shareholders hold very small parcels and selling them on market would barely pay for the brokerage.
Perhaps PPN will eventually get round to buying back the small parcels. According to the annual report there were only 1080 shareholders and 689 of these held less than a minimum parcel.
The Top 20 shareholders own about 90% of PPN and I think they might be the ones accumulating at the moment.
PPN Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
