18 AUGUST 1990, Page 23

Polly Morphous

ASIL Nadir has not got the hang of it. Ten years ago, investors were first offered shares in his variously active trading com- pany, Polly Peck. There have been anxious moments since (bouts of polypexia nervo- sa) but investors who held on have multi- plied their money by 1,200. Now Mr Nadir thinks the shares are too cheap and wants to buy them all back. No, no — the drill is (and there are plenty of examples) for high-flying fellows to persuade the stock market to accept them at their own valua- tion. Thus they can afford, later on, to buy their businesses back at a satisfactory discount, while complaining that the mar- ket does not understand them.