'A Prelude to a 10 bagger'

SW, the 3 holders you quote hold around 25% between them, but they would still have to convince Newton with 10.6%, M&G with 6.3% etc, so unless any proposal showed real gains for shareholders I'm not sure how they could force hands?

I think my stance differs from yours in that I'm extremely happy with and optimistic about the current portfolio, and wouldn't mind seeing it run out and liquidated. I also believe (and have told PDT) the management charges are too high. The number of portfolio constituents has decreased - why should there be the same level of fees for running a much smaller portfolio?

Nevertheless, 2006 could well be the year the portfolio starts to show significant gains in value and could also give us some more portfolio exits or valuation events. The latter would not only benefit NAV but may finally start a reappraisal of PDT's NAV to the point where the share price trades at a very small discount or maybe even a premium to NAV.

Even the current NAV has leeway of 28p upside from here including deferred consideration, up to 152p - without any portfolio NAV uplifts whatsoever.