Ann: Wellfully supply partnership, page-36

Your post is logical & if it was a start up those potential market value may of been realised. However, the elephant in the room is the history of this company as you eluded to with royalties. The company reputation was and rightly battered by holders & the market - more recently the BoD (current sitting members) have tried a couple ‘coups’ which even included an 8month space of being unlisted.

Reputation, perception and forward looking statements don’t carry much wait this stock due to history - you have to acknowledge that. So, rebuilding trust and showing the market through execution will be key to see the price appreciate.
Till that occurs, many P&D will be the norm.