Hey etops, so please explain why PNP would sell PTK? I do not see logic in your thesis.
It is all about the ratio of depts vs. NAV, and selling PTK will not rise the NAV, but just the cash in PNP. Selling PTK would put pressure on the SP of PTK, and lower the NAV!
So I would guess it would be wiser for PNP to buy PTK and to drive the SP and their NAV up!!!