Nani, I know of a similar case - LBY. The SP did virtually nothing after they announced a tie-up with an IT integrator. They're basically now in the process of a RTO and yet the stock hardly trades and the SP goes no-where. I actually think the company they're buying into could be OK, but the market has done nothing. My guess on it is that the long-suffering share-holders have seen it all before and don't have any faith in management. Apparently LBY has previously been into fertiliser, then graphite, then coal. I came into it as a speccy with some good-looking coal interests. I think they did one round of drilling (decent results) and then we didn't her another thing. Totally mis-managed IMHO. Then after no news for months they decided they're changing course again into IT. My guess is that holders are just totally sick of management not actually delivering anything.
I have no idea about the one you're looking at, but wonder if there are some similarities there...
