If MNS was a new listing, one where all the share money could be...

If MNS was a new listing, one where all the share money could be used to develop the business, it would be good. But it is not. It's been around for a long time and over that time it has spent all the money raised. Starting a new business such as IM3 needs fresh unencumbered money. MNS has a giant anchor holding it back. Before it goes anywhere it has the expectation of payback on the original spend. It has 1 mill in the bank but 200 mill of expectations in payback/returns before it even starts on the new venture. Either that or the share price takes a bath to bring it into line.