SM1, page-500

You don't think that the lack of share liquidity and that it was included into the all ords index on 18 March 2019 has anything to do with the drive down in price?

No I don't.

SML is no 37 out of 180 equities available on the NZX, as well as being available on the ASX. Its a large company which should be attracting a lot of attention and a lot of liquidity - especially since it was included in the Index. I think it stands to reason the larger the company the greater its probable liquidity - after all, if you have a billion $ in sales and you have profile you would think punters would be chomping at the bit to get a slice of the action.

I put the lack of liquidity down to punters being wise and have valued the SP significantly lower than what the market is offering - so they are staying away. I think punters see risk and consequently staying away.

If punters saw less risk and fair value they would pile back in again.