Ann: Chairman's Address to Shareholders, page-16

You are exactly right: CEO is entrepreneurial, but the business outgrew his ability to manage with the necessary fashion a long time ago, and he has been casting about for growth possibilities since then, blundering into more and more things he doesn't understand.
His M&A agenda is designed to follow M2's trajectory, but he missed that boat as an acquirer. His desire to be the acquirer has driven that activity since listing, but none of it has really delivered any growth, and unfortunately (if you're a shareholder) the acquisitions have made him a less attractive target for the big guys (and he's not got scale of interest). The drop in the share price might make it worth someone's while though.