I think another aspect that limits publically listed companies...

I think another aspect that limits publically listed companies is the demands placed by shareholders on management for regular 'progress' (in fact forums like HC have increased this pressure IMHO). In the end this pressures management to get a deal earlier than a private company might and shareholders get sold out earlier.

In PYCs case I think (hope) we began the process of avoiding this trap when the 10m raise was done 2 years ago and the management refocusing over the past 12 months or so while also attracting additional capital at rising share prices. The concentrated holdings and recent additional financial support (also concentrated) means that we at least have a chance as a publically listed company to make longer term decisions and go for maximum value with minimal short term pressure on management.

I know people keep replaying the old Board members etc but PYC never had the combination of the current commercially experienced and scientific executive management working every day , very stable major shareholders (from what i can see none have sold any in 2 years even though the price has tripled) , apparent easy access to capital and the science has progressed in a meaningful fashion.

There will be plenty of ups and downs along the way still but all the ingredients are there (well I'd still like to know who the new Chair will be and who is on the SAB - but these are less critical in the ST) for an exciting 12-18 months ahead.

Euroz 7.4c and NDF 10c will hopefully just be the start.