Mikrokosmos,
This is from memory, so please check it out, but PDN had a go at SMM a few years ago and didnt quite get the 90%, but held close to it and basically the sp just drifted thereafter. This is the unfortunate danger, whereby they hold the majority and the sp basically does nothing.
Im very disappointed in NGMs management and will keep my eye for any other companies they end up on - in other words I will avoid.