Ann: Placement and Appendix 3B , page-19

"is there a reason for this poor SP performance"

Yes. The shortfall that was underwritten by RBS Morgans. When they initially underwrote the deal I don't think they really thought they were in danger of being left with so much stock. Consequently, they started dumping and the share price found it's way back to the placement price of 25c. Once that stock is fully sold into the market, I suspect the price will start to rise.
I took 200,000 in the placement and have bought another 200,000 on market finishing my buying this morning. It's my first venture into VPE but it has been on my watchlist for at least one year. After I liquidate some other stocks, I will be investing further funds into this. It's ridiculously cheap trading at less than half my rock bottom base case valuation.