There is a long tail on those shareholders who have been diluted...

There is a long tail on those shareholders who have been diluted excessively in the past. It will soak. I haven't tried to make a rough guess of the number left.

After this amazing year of gains for most listed companies, it's attractive to think that tax loss selling is part of the reason there has been a slow inexhaustible drip feed into some disciplined buyers. But I think thats more of an excuse than a real theory.

It seems the GM renewal was already baked into people's assumptions, and rightly so. So to me it seems the market wants to see organic growth here. I propose the company doesn't embody many of the current attractive tropes for speculators, but it isn't a traditional business and doesn't have a dividend, and has small revenues, so it also doesn't capture many of the value investor types. This is what makes people pass it over and which requires patience. I am sure that with a bit of care things will come around before long. I'm giving it a couple of years.