under valued based on latest ann, page-2

Your are right. this_is_it. Something is not right. If the whole market capitalisation is $130mil and the deal is worth $160mil, it just does not compute.
Maybe the market does not like the idea of change of business direction. It will be interesting to see if they will revise the SPP just announced.
Mind you, they have changed business direction before and proved to be a winner (remember Gradipore?)
I am just puzzled.