They operated for a long time prelisting. Peter King has been CEO for 8 years so should have a pretty good feel for the market by now

They were net cash $33 million end HY (Dec 2021).

In my experience, companies are rarely undervalued if everything looks attractive at first glance - you need to delve deeper.

I'm always interested to hear of significant insider - esp CEO - buying, in companies held by successful long term investors. I'll leave you to read reports etc if you're interested.