Turps, I see you asking this same question that I have been...

Turps, I see you asking this same question that I have been asking myself now for some 18 months.....
I have been unable to locate any information from searches.
Maybe he is well informed or well connected, maybe both. Or maybe he is just very good at picking undervalued stocks.
There are two directors who are also classified as substantial shareholders. Assuming they have not bees selling then one could form the view that they, 'being inside the tent' so to speak, are patient and are of the view that the business prospects in the future will deliver value to shareholders. Graham Baillie has had a history with the business at earlier times and cam back on the Board in August 2019.
The buying by the Wauhope GP has been ongoing, he was at 8.30% at April 2019 so has, shall we say, conviction as to the value that is able to be delivered by JCS in the future.