Absolutely nothing detrimental has happened - since HY results in November when the SP was 88c. You are correct Balance.
However, factual announcements have seen Superlife Trustee Nominees Ltd (a SSH) increase their holding as well as CX Bladder (Triage) getting launched.
Combine those with all the factual information and positive events still to happen posted by Hancocks and MAC and I would say PEB holders have every right to feel positive.
Notwithstanding this...the SP has dropped 20% (correct again Balance!).
So what does this tell me about Mr Market? Well, some S/H are always going to want to sell for one reason or another (like the Masfens wanting to enter a new venture etc) so that is self explanatory and understandable ... but other than that, based on having no "negative" factual information available - I would say Mr Market is not as intelligent as some would have us believe.
Of course, there are always those people who want to be investors but are either too lazy to do any research - or simply want to rely on what other perceived guru's say. And on their say so, these people start selling. They have no idea why they were in the stock in the first place, no idea about the company or market they operate in and consequently no idea why they hit the sell button. It is these uneducated & nervous "clowns" that create opportunities for the more informed amongst us because of the inefficient market they create. And I think that is where we are now.
SP Value - in this type of company - in its current market ... is just perceived. It just means the bounce will be even more pronounced later on.