ASX 200!!!, page-4

For long term holders, inclusion in the ASX200, ASX100, ASX50, and then the ASX20 would spell out that there had been phenomenal success for the company.

However, I don't think that absolute market capitalisation is the only factor that forms part of the consideration for entering these indices. Having done extensive investigation (consulted Wikipedia), there is a weighting given to the market cap based on the following:

"A stock's weight in the index is determined by the float-adjusted market capitalization of the stock. This is a function of current index shares, the latest available stock price and the Investable weight factor (IWF). The IWF represents the float-adjusted portion of a stock's equity capital.... Shares owned by founders, directors of the company ... are also excluded. These are also deemed strategic holders, and are considered long-term holders of a stock's equity. Any strategic shareholdings that are greater than 5% of total issued shares are excluded from the relevant float."

In the case of PPK, directors hold 25% of shares, these exclusions are significant relative to many other companies of similar market cap, and hence their absolute market cap needs to be much higher (by one-third) relative to these other companies to meet the weighted capitalisation test. For example, if $2b is the relevant market cap for the ASX200, then PPK would need to be at $2.66b to be equivalent. Then there is a liquidity test as well.

Just something to consider.