I think you are looking at this the wrong way. they have a buy...

I think you are looking at this the wrong way. they have a buy back in place but haven't been using it. which means the price has been held in this range by the actual market (not the company propping it up). in saying that it looks clear that if the price is below .38 it steps in. this to me is a good sign.

second, there being no institutional buying in this is also a good thing. right now there are several institutions raising funds for small cap funds. they all know the large caps are overly concentrated in everyone's holdings and the growth will be on the small end (including from buyouts). so don't write off institutional money coming this way, especially if the dividends flow higher than 5pc

this stock isn't without risk but if they pull off the model change and turn it into a post box for franchisee fees it's going to be looking very cheap in 18 months (especially if we see more sales volumes come through)