Unfortunately I can't explain the workings of the market....

Unfortunately I can't explain the workings of the market. @brendankok tells me that the Top 20 holders have more than 90% of the register, so there's less than 20 million free float available. Not very interesting for your average day trader, and you are probably right there would still be many IPO investors in @20c who are trapped.

I don't know if or what will see FRX get re-rated by the market. As I stated in my previous post, they've made steady progress over many quarters now, and I'm hoping the 4c released in a couple of weeks will show substantial growth in receipts and cash flow.

If they keep profitably growing the market has to take notice and if it doesn't, I guess you can always pay a dividend.