Vendor - I also suspect that HIL's MD and directors may have...

Vendor - I also suspect that HIL's MD and directors may have used up their personal capital on the acquisitions they have done so far. They'll not be able to keep running an effective acquisitions strategy until they can demonstrate that they are adding value IMO. So any acquisition now might be met with another ratchet down in the SP due to doubts about gaining synergies, and making up for the acquisition premium. I think they need to step back from acquisitions and prove up what they have, and then once/if the share price provides adequate "acquisition currency", then carry out their strategy further. Over time the market is a quite impartial judge of a companies performance.

A failed strategy could be even worse for shareholders than already if they keep going IMO, and you might suspect that they are just gambling with a sense of nothing to lose from here, and could be doubling down.

They are now in a net debt position of $25m, so every acquisition is on the credit card/margin lending account now. Also the balance sheet looked OK, but the intangibles may well not be supported by the performance of the acquisitions.