I would suggest your observation "The acquisition/business has...

I would suggest your observation "The acquisition/business has underperfomed since the RTO and has not met the requisite and agreed hurdles." is a reason.

As a non-holder, I only have two concerns:
1. Capital management - Their late 2016 unfranked dividend was unconventional to be kind. If they are acquisitive as they say they are, it is better to keep hold cash, rather than distribute cash together with a tax liability.
2. Earnings and free cash flow - I've been going through the last five 4Cs and their accounts in some detail. Depending on forward metrics, the company could be cheap or expensive. Arguably, could say more about my modelling than the predictability of the company's financials. I just can't pin down a valuation that I'm willing to back.

Given the company's listed history, I would need a longer history to feel comfortable.