Ann: Record FY21 Trading Update, page-6

I'd say it's because of all the debt they have and the uncertainty of future revenue (ie differentiating between organic and acquisition revenue growth). The market needs to make sure that revenue growth is not related solely to acquisitions and that they are capable of getting organic revenue growth, otherwise the high debt level combined with a flattening of the sales curve would put this business in a majorly precarious position and bankruptcy could eventuate, as does tend to be the case with many of these small caps. Basically it is a very high risk for a pretty good potential return ( the risk return would've been much better at 10c). The market is discounting the price on the basis of this massive risk factor. I reckon it's worth putting in what you can definitely afford to lose, as $zero is not at all unlikely for stocks like this. At the same time, a gain of many bags is also a possible outcome here. I'll wait a bit for confirmation of real potential before I look at increasing my position.