In our one year investment horizon, we see at least 25% share appreciation in the base case, and upwards of 75% with a meaningful increase in natural gas prices.

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For most investors in technology start-ups, the typical approach entails a five-year investment horizon that will enable the company to build market share and a sizeable customer base, making it ripe for a high-value liquidity event.

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The road to Arniston passes through an area known as the Overberg, where sheep and cattle share miles of undulating farmland and an occasional copse of eucalyptus stands stark against the horizon.

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But the bank's share price has remained low, and an exit from government control isn't on the horizon.

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