Appreciate your outlook and honesty, especially when it comes to your families wealth.

There was news a few weeks ago that there was interest so odds don't appear to be in our/your favour!

Although I know your right @tbra97 it would be Ideal if the offer is not good enough to get the boards and shareholders approval.

@Summer12 and then the irony comes when the board fights it, says “no, that undervalues the company” then the SP falls 25% in a day. Rational market my a**e

Well as expected, trading halt was to announce their takeover by private equity.

This is the third one of my holdings to be acquired by private equity this year after Nearmap and ELMO earlier.

I'll be up about 50% but again feel like private equity is getting a bargin.

I feel your pain!

as a holder of all 3 who sold out over the last 6-12 months I can only offer you schadenfreude. You did better than me.

$1.34 NZD which the google, says is $1.21 AUD.

Dang nab it! Another PE stealing my lunch money. First NEA, now PPH.

I'll have to check sharesight, but i'm not sure i'm positive cgt on this one... sigh.

I guess I better put strawman to use, and find another idea to put the money....

I sold a few months ago (RL and SM) at $1.145. I concluded (or sensed, rather than analysis) the next big thing (Catholic segment) was going to be a slow burn. Most recent results indicate that might be right. Happy with my decision. Sure, a few cents more would have been good. I think when we are investing in these early stage firms they need strong continuing growth beyond becoming cash generative, and $PPH has definitely slowed down. So happy to have the capital to roll the dice again.

(I first entered $WTC, $ALU and $XRO around the same time in RL, and still holding as these pass the test…. Baby Giants! even if $PPH and $NEA didn’t make it.)

@mikebrisy I'm not sure I'd call $WTC, $ALU or $XRO babies, maybe teenagers?

$ALU and $XRO certainly well proven but still plenty of runway to grow. $WTC I'm not as sure about how proven it is. I still have lingering doubts after all the short reports.

@AUROPAL I was perhaps unclear. They are former BabyGiants. $ALU and $WTC are proven global market leaders, and they generate strong free cash flow with growing ROE. Definitely teenagers and they will mature for sure.

The historical short reports on $WTC were noise. They didn’t understand the M&A strategy which was very clear … buy small country or capability beach heads and fold them into the platform. The acquired revenues were irrelevant. It was a capability vs time play. Richard White knows what he is doing. But my arguments are irrelevant. The numbers speak for themselves. Teenagers? Fair enough, there is more to go, and a lot of success is already baked into the SP. But I don’t mind having held for so long.

$XRO is now an open question. They are purposefully reinvesting for growth, but their space is more competitive and everyone is in the cloud now. Progress is sluggish in USA and UK is a macro basket case which will slow them down. ANZ is mature. Where to from here? I first bought at $17 sold at $140 and bought back in at $110. Will this teenager ever grow up? Not sure. And my conviction is lower than it has been.

My point was, they all made it past puberty, whereas $PPH and $NEA haven’t yet.

Disc. I Hold ALU, WTC, XRO in RL and have sold PPH and NEA (RL and SM). I don’t hold proven firms on SM.

Wait till private equity have extracted every bit of value, then re-float it...

Bet the price will be ridiculous too.

Hold Sm & IRL

@mikebrisy good explanation and fair points all.

I think that's probably right @AUROPAL

That being said, if it falls over shares could drop a lot lower. Not that that would necessarily be bad for patient investors.