i'm baaack, page-40

But that's the catch.
If P1 does fly (even at 15c), you are missing out already on the value you could've obtained by buying in GCN.
Remember, there is a clear distinction here why P1 would list:
1. P1 is not raising money, this is not an IPO, hence the 55k minimum purely to comply with ASX listing rules (check this out yourself)
2. Supporting off-mkt transaction of Insurance Group, valueing P1 at 30c
3. Independent Valuation - now this is still up for debate until it comes out.

Why wait? I am not sure of your motive and reasoning travelbug?. (Downside GCN goes to zero, lose 2c, upside - 10 times at least). and will GCN be zero?