Interview with CEO Richard Jagger on The Constant Investor, page-14

at the moment, while they are simply viewed by existing holders as a dividend freebie, there might be that opportunity.

Its when holders outside this mindset start calculating the leveraged risk return, some may worth a punt to take some leverage that we will start to see the bids increase imo.

A bit of news flow, some volume on heads, a radar blip to outsiders, and when outsiders have a sniff, who were not part of the loyalty issue, take exposure it becomes more market priced.