Doing a little more reading on the story & see that it was...

Doing a little more reading on the story & see that it was previously subject to a takeover offer (31st August 2017) by a private equity group - Pemba Capital Partners P/L

They were offering NZ 23.5cps CASH

No deal transpired & they walked away 15-Dec-2017

So it seems there are a few groups who also think this is a little unloved gem & want to pick it up on the cheap.

Note also there are 10m incentive options which expire 31st March 2018 with a 60c exercise price. (see below)



This adds another level of intrigue...

Who is capping it to accumulate? How many do they want? Is it a group who will launch another T/O offer?

So many questions & the answers could be around the corner.