It is a very open register, free float at 77% and not that many institutional owners with major weightings. Perrenial Value was a big holder but have reduced their holdings.
Not as many small cap boutique fund managers as a lot of other quality undervalued small-caps.
It'd be a fairly easy transaction to takeover.
I believe once it starts delivering on its long term strategy and the revenue/earnings conversion starts it will attract more small cap funds.
This could be a strong catalyst moving forward.
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