I think BKP is what you’re talking about as it’s the only $16M...

I think BKP is what you’re talking about as it’s the only $16M shell on market. I don’t hold it or plan on buying it anytime in near future but I can understand the premium from a psychological point of view.
I think management has “delivered” for shareholders. All shareholders care about is making wealth...doesn’t really matter how, even if it means going into Marijuana business tomorrow from mining lol. JB made 2x 10baggers last year & 2x 6baggers so definitely delivered heaps for shareholders that took risk to back him, I think Tolga might’ve been the only bloke to bring more baggers (including subholdings) over last year. BKP was up 200% since Brewer came on for T/O in a crap market. But I didn’t take the risk of T/O failing...not in this market. Well done to whoever did.

Now project production “delivery” is a different question, JB hasn’t delivered on that front just yet.
Although been a while since a director has brought large scale projects onto market other than just an exploration punts.

I rate these Apollo guys highly here for project delivery. But essentially what we are backing is simply a resume of Middlemas in the past. It’s much easier for punters to throw bigger money at a director that is actively socializing with Shareholders and you can get in contact with. Unless you know CR1 directors on a social level you likely have no idea on managements direction and impossible to gauge timeframe. I’ve tried get a clue on timeframe by reading through every shell these guys have gotten on, but most wont go through that effort.

I’ve said it before if Middlemas or Woodman hopped on social media and gave even slight direction/timeframe people would throw big money at these guys with their track record in the past. Or even if the company released an update on what they’re looking at...although asx would likely allow that to pass unless via a quarterly. The end outcome won’t change, management teams don’t need SM - it just means we will trade a $2-4M EV for longer rather than $5-10M EV in current market. Love it or hate SM it makes it easier for punters to gauge timeframe/direction other than just the friends of Apollo. I guess since the friends of Apollo are deep in the register whatever is going on should be good.

The second point is punters have short term memory. So Middlemas haven’t delivered consistent wealth for a while. PLL was the last deal $3M shell to $132M which was still a while ago. You put that against any director who has done baggers recently and punter ST memory will push them towards the recent directors regardless of how big achievements have been in the past.

Forget management here just on tenures, compared to peers it’s cheap. Now for guys that take the risk to back the historic resume will make the big money. And we deserve to anyways for bearing higher risk/opportunity cost getting set earlier than most.
They’ve built 2 Billion dollar companies from Shells. They’ve done 2 deals with Sage (Brewers associate) that led to $400M+ MC from shell value, might’ve been a while ago but they got class and connections. Registers only gotten stronger, 17 directors in the register I’m sure few of those big shots have a clue what’s going on behind the scene. That’s my thesis at least.
Selling looks to be leftovers from spec fund derisking through recent slaughterhouse and some punters looking for quick buck (which I doubt will happen here).
Hopefully as market warms they’ll wake up to the potential sleeping beast of a management here. I can see why it’s trading here and I’ll continue adding whenever possible according to my risk.

Cheers