I think it has something in common with MGX, SWM, PGH and a...

I think it has something in common with MGX, SWM, PGH and a bunch of other companies where there is or was deep value at various points but the market is sceptical (for different reasons) as to if or when they might actually realise that value in the absence of a consistent dividend policy.

Most of these also have a significant holder whose interests may not always align directly with small retail.

Unlike the others however I tend to concur with you that a couple of good results here could lead to a substantial rerate. We seem to be priced for another poor half.