Thanks Ron. It’s actually a nearly new valve and sits well proud of the seat. The peg is maybe 30 degrees up from its BDC when it starts to touch the collar, so not near the point where rotation causes maximum vertical lift. I’ve already rotated the lever on the spline to make it as near as possible just clear the collar with the cable adjuster at mid point. Then I tweak the adjuster so the peg just begins to scrape the collar when the handlebar lever is at about 1/3 pull. This makes a visible lift of the valve, but not enough to do anything useful! I’ll have another look at it tomorrow.