Speaking more recently, the average over the last 30 days is...

Speaking more recently, the average over the last 30 days is 500k and if there are 5 instos fighting over it, that means 100k each (not even including the retailers).

Not all instos are bound by mandates that prevent investment outside of the ASX300 but most likely superfunds are (non-pro investors in superfunds, a lot more regulation).

Also, IIRC (don't have the broker data in front of me) JPM has a large stake. Not saying there's evidence of massive insto interest but it's also not completely ignored.

Agreed with most of your other comments. I would have said that regardless of whether holders are insto or retail, it is equally vital for them to hit their financial targets and start generating profits. A large part of why the price is struggling is due to dilution - there's a lot of shares outstanding for a company of this size. Generating enough money to avoid future capital raises is a huge deal (and looks to be playing out well).

The way things are going I think this will be a slow and steady grind upwards over the next few years - however, still crossing my fingers for a game-changing announcement (e.g. military contract). Having said that, if the comment by leadership that Alexiflam will contribute a significantly larger proportion of revenue comes to fruition, well that's a game changer too (my forecast right now is almost purely on Alexicool).