I don't think I'd consider the Axe, especially if it lists on the NSX as originally announced: https://www.nsx.com.au/ftp/news/021733146.PDF (did they change this in a subsequent announcement??)
With HML and BHD there's been at least enough liquidity to trade around them a bit and enhance returns (ignoring the fact that HML has been completely illiquid for nearly a year lol). With Axe on the NSX, you could easily find yourself in a situation where you want to reduce your exposure but find no buyers at all.
Which leads into your point about the true value of JBL - it hardly ever trades, so even if it's recently traded at $2.00, who really knows what will happen if it ever hits the ASX.
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