Perhaps its because unless your buying for a quick flick into the probable buyout offer then the company appears near uninvestable. The unknowable is what value is the market going to ascribe to the loss making Populations and Hospitals business(s).

There is currently little visibilty how long they'll take to reach profitability (if ever), and for how much longer they will keep spending like drunken sailors on "developing" the product.

The whole thing may not last much longer on the NZX anyways. The controlling shareholder is selling 20% or 19.5M of its 97.5M shares. Not only does this inflate the "buyback" figure to encourage others to accept, it also raises near sufficient cash to buyout any pesky minority holders remaining at the 90% level of compulsory aquisition and take it private.