Valuation, page-12

Another decade or so of UOS being undervalued would suit me. Then I can start pestering management to take measures to increase the share price.

UOS haven't changed their strategy or approach in the last 20 years. Senior management are also the largest holders, so aligned with the long term performance of the company. They've been pretty good capital managers so far, and I don't think there's any reason to suspect that they're not now. They are playing the long game, investing the bulk of earnings back into the company's developments. Currently, that happens through parent company participation in the UOADB DRP. Yes, it means that short term cash seekers won't value the company as highly, but the re-invested earnings go to work for all shareholders in increased scale of development. Also, they don't need to raise money by issuing new shares, so there's no driving force to increase share price for a cap raising.