There are many companies that own stock of other companies. As an example CSE and MZM. I don't think the market has any interest in LBY/IZM and these side deals (or the action of these side companies SP).
All eyes are on HomeOpen at the moment. The issue with Australian investors is that they are so used to mining companies drilling in one or two places and anything more is seen as throwing darts/red flag. The app development business is completely different. Depending on the size of company there might be ten projects at different stages concurrently being worked on. What do you think the app developers are doing? HomeOpen is sitting with the web team.
Where I agree with you, is that the three revenue streams have not been well communicated to the investor (i.e targeted advertising, in-app purchases and the agent add-ons). They seem to be copying the success of NearMap - get the market share through reduced barriers of entry and then offer refined products which bring revenue.
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