Pacific Internet (PCNTF) Hires Financial Advisor

Today, Pacific Internet (PCNTF) announced that it has appointed BNP Paribas Peregrine (Singapore) Ltd ("BNP Paribas") to assist the Board in identifying and evaluating options for maximizing shareholder value.

This announcement follows the recent MediaRing bid for Pacific Internet (PCNTF). As mentioned in our initial write-up, we think the MediaRing bid undervalued PCNTF (as can be seen from the fact that PCNTF shares are now trading above the MediaRing acquisition price) and we expect additional bids for PCNTF to be revealed in the near future. We are holding on to the stock, as we still think the company is worth at least $10 per share and possibly more. The bidding war for PCNTF should keep the downside in the stock low until management at PCNTF decides on the best option for maximizing shareholder value.