Because sophisticated investors have risk profiles far different...

Because sophisticated investors have risk profiles far different from those of us who do not manage other people's money. They prefer to make asymmetric bets with very little risk, and right now BPH is perceived to have a very high risk profile. Sophs are not going to come into this thing until after approval and the political risk is ramped down. They're smart people, but they have other bets that can make them money with much lower risk, there is no sense in them taking the risk with BPH. Also, how do you know some insiders are not buying? I can't imagine there'd be so many insiders buying that it would materially impact the share price right now, and that implies they know what they're doing, buying in secret.

I approach everything here with my own set of logic and principles, and I try not to let my personal bias get in the way. When Scomo blocked this a year ago, I was ready to give up on BPH, but now that his decision was overturned legally, I have hope the process will be carried out in favour of us shareholders. Politicians have always done stupid things to attain or stay in power, stuffing Advent around with regards to PEP11 is par for the course for them. I fall back on sound legal principles to make my judgements, and I'm confident if the letter and spirit of the Law is followed, the licence will be approved.