The 4C on 31 July is when ISX announced that revenue exceeded...

The 4C on 31 July is when ISX announced that revenue exceeded the requirements for issuing of perf shares were issued, over the next 3 trading periods it dropped from a high of 23c on the 31st to 17c. This would seem to be a significant drop, would you agree?

I suggest the limiting factor to the share price not dropping like a stone was the fact investors had no visibility of the quality or lack thereof of the revenue that contributed to the perf shares and believed the good times would keep rolling as the company did not disclose the revenue source to the market via announcement or by separating revenue out in the annual report. The perfect storm that followed allowed the company to gloss over the fact the earnings would not be repeated, however the stock eventually dropped to 10.5c on 29 October.

One could argue forever as to the reasoning for the markets reaction to perf shares being issued, but the real reason for replying to your post, was that you tried to make a point the market was not interested in the perf shares and used a graph that was designed to mislead readers of your post to support your theory.