Really hard to get a handle on this stock. I have been a holder...

Really hard to get a handle on this stock. I have been a holder for a couple of years. Over that time when interest rates were almost zero, PL8 paid a healthy return, 4%?, which you received on a monthly basis, and you also gained the franking credits at year end. And they did a retail capital raise two years in a row at $1.11....and the SP goes up and up,

Since hitting a high of $1.28 some three months ago, albeit briefly, they have been in retreat kinda in line with their diminishing NTA.

So they release an NTA update last Friday after hours. Now the NTA is about $1. On Monday the share price goes up. They release another NTA update yesterday, after the market has closed, and the NTA price has gone below $0.98. Again, the price goes up. Now the SP is $1.19 and volumes have been reasonable. So investors are prepared to pay some 20% overs on this stock.

Is it because the market is expecting another capital raise? Is there 20% of value here that I can't see?