Heads I win… Tails I winI see buying at these levels as a bit of a 'no brainer'. Stock is trading below the Working Capital valuation and is a business generating positive free cash flow and poised to increase FCF significantly.
We seem to be trading in a holding pattern until further news is released about the reorg/return of capital. However, I see it as a win/win buying at current levels if they either cancel the reorg OR go ahead with reorg.
Cancelling reorg, will certainly be seen as a positive for many that don't want PNG to be spun off into a private co.
Going ahead with reorg, will surely unlock value with where the stock currently trades.. it just might not unlock 'as much value' as would have been in coming years if maintaining status quo or spinning out to a pubco.
Just my thoughts.