watch this space, page-3

BF1,

My reasoning is that while PPG is small it would be about 15% of a combined entity in terms of revenue. From a strategic view I think combining the businesses will happen in some form as you mention.

Ruffy has 50% of PPG so a backdoor will enable a share issue significantly higher than the current SP to give him a double dip profit (cash and capital gain) so to speak and there are some close associates who hold PPG shares who would also prosper.

In the meantime nice divvies and stable business.