The decision has been made to keep it as;
(a) the position remains small.
(b) 1 - 2 years is within our investment / return window. We may see an opportunity within this period to increase the holding.
(c) We still believe PPHE has the opportunity to set up an Op-Co / Prop-Co structure and that this can occur whilst the general travel industry is down.
(d) We believe PPHE management have a track record of moving the business forward and any general market weakness may well be an opportunity that they can take advantage of. Perhaps by buying a weaker operator.
This is as much a call on management as anything and so we would not regard as incorrect anyone else's decision to sell.