"But until the acquisition is confirmed (which is still...

"But until the acquisition is confirmed (which is still non-binding), the fundamentals are still the same as what it was. This acquisition could go ahead as easily as it could get called off."

Yes, still non-binding but there is real fear that it may go ahead. The directors took up very little of the CR. That in itself is very worrying. If they all decide to vote for the acquisition (for empire building purposes or whatever reason) they would swamp any amount of voting from ordinary shareholders.

I agree that RHT is way under value on 'no acquisition' fundamentals (and I have said so many times) but who is going to buy any significant amount while there is fear of going cash flow negative again for several years.