Put it down to a nimble, clever board, a share registry...

Put it down to a nimble, clever board, a share registry structure that made it hard (though not impossible) to do just that, and (in those beginning years) a lot of early retail shareholders who committed to NOT selling shares as well, when a TO was a possibility- OzBlue drove that 'initiative'. Now, it would take some big $$$$ to even attempt it.... but as in the past, share registry structure would still make it difficult. And as an early shareholder, like so many here, I won't be a selling a single share for the foreseeable future, as PLS evolves into a 'monster' sector leading dividend paying company. And so far, I like what I see from DH and the board- KB has left the company in a safe pair of hands.