Some interesting points you raise.
One thing I’ve come to accept as a shareholder of Pact for around seven years is that I’ve had a significant amount of capital locked away. Had I had access to these funds, I could have invested in other opportunities that delivered both dividends and capital growth. So even if I’m eventually able to sell my shares at a price higher than my original purchase, the opportunity cost over these years has been substantial, and I’m sure many other long-term holders feel the same.
For example, had I invested in CBA instead, I could have easily tripled my money by now.
Yes, I agree the current share price looks very cheap. But the dilemma and risk for those of us considering buying more now is that we might not see any return for several more years. Personally, I’ve had to mentally frame this as a long-term investment, much like owning an investment property or land banking.
Others may be in a different stage of life and prefer liquidity now. If I knew of an investment with strong potential over the next 12 months, I could sell here even at a loss and aim to recover that elsewhere.
If we’re given an opportunity to exit in future at a much better price, that would be a welcome outcome and I’d be grateful. But for this to feel like a "win," I’d need to see a share price in the high $2.xx range. If TIC, the founders, and other large minority holders can only secure a modest premium to the current share price, I might not even break even despite having held for so many years.
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