Hi mate, there's a lot of history and a stigma associated with...

Hi mate, there's a lot of history and a stigma associated with the business, particularly in light of previous management. New management has done well to turn the business around, however, there's still a long road ahead to really given potential shareholders comfort.

Outside of this, there are in my opinion too many shares on issue, especially when considered in the context of the low market cap.

I think the shares on issue, the market cap, and the price itself are all things that may prevent institutional ownership (even for nanocap/microcap funds).