Agree with these comments. I had favored the "cheap TO" theory...

Agree with these comments. I had favored the "cheap TO" theory until Henry left and Richard took over...If it does end up a cheap TO and Richard has been calling investors to rally interest, hoping to turn things around and see fair value in the share price etc....its not going to look for him! I did wonder when Henry left if it was simply to avoid suspicion when the TO occurred but I am hoping this is not the case.
I now favor the theory that the down trend (manipulation) was for capital raises, ensuring certain interests were not diluted, raises went to appropriate entities at favorable prices and aus retail was diluted (or sold out) as much as possible. Most capital raises went to US interests under Henry and anyone holding the same amount of shares today as they did four years ago, would own a much smaller percentage of the company and be down 70-80%. Only billionaires have the luxury of not worrying about such losses! With the IC contract, multiple large customers secured in China and a healthy cash balance, further capital raises are unlikely (at least in the foreseeable future). Once further bulk orders are received in China, we should see a turn around in the share price. Beyond tax benefits or TO, I cant see any other reason to hold it down? Compounding the issue now is current tensions between China-US-AUS. It is understandable the market has been cautious given China is our largest strategy, especially when other ASX water plays have had issues. I think we should see an uptrend this year, assuming we see a steady news flow out of China.