basically it's a closed shop, they haven't done an outside insto...

basically it's a closed shop, they haven't done an outside insto cap raise for years but instead have raised through entitlement offers from current holders (which I have participated in). They don't present at roadshows and have no apparent need or desire to sell the story to funds - yet.

This either points to confidence in a emerging resource so good that it won't need promotion and dilution by potentially hostile professional traders who demand wholesale discounts then dump stock into retail trade (so cut out the middle man), or conversely a hubris that presumes the resource will sell itself when the time comes. In any case it's been an unusual and frustrating hold for me, where I can read and recognise the excellent data coming out, but no company interpretation and sales pitch has been forthcoming since the brownfield acquisition to sell it to others. It's a company for old hands who invest rather than trade and don't like hype pumps. Even so, there's been little SP growth since the IPO (which I didn't participate in).

Happy to hear other opinions.