AMA shares hit 95c in September 2015, about the same as today....

AMA shares hit 95c in September 2015, about the same as today. If all goes according to the takeover plan, an AMA share will be worth 86c by September 2018, plus whatever you think an ACAD share is worth. Not much to show for three years' growth.

Since 2015, the company has issued a lot of new shares. AMA had about 331m shares from mid 2013 to mid 2015 but then started issuing many more as part of the acquisition and expansion process.

That's fine for the newcomers who got those shares but it's called dilution for everyone else. So even though the company has more than doubled its market cap, revenues and profits in three years, the share base has grown by 60% in the same period and that's why the share price has gone nowhere.