I wonder if the refusal of the SP to take off is a matter of...

I wonder if the refusal of the SP to take off is a matter of share holder critical mass.

i.e. there's only so many "mums & dads" investors prepared to hold a medium to long term investment in a company with no concrete dividends in the pipeline.

The total number of these may be unchanged since 2-3 years ago, when there was less shares on the marker & therefore a higher SP.

That only leaves the "sophisticated" investors, such as brokers (domestic & o/seas), fund managers & TA short term traders who are happy to play KAR like a yo-yo or perhaps (for the conspiracy theorists out there) suppress the price below it's "book" value for other reasons.