RE:This makes me smile
The tight float is well controlled by insiders. That is why I believe a buy-out will happen at a very positive level. With 51% held by insiders there will be little disagreement to tender shares. A buyer would view this as a positive position with little market risk.
I also agree that every "little bit" of news will have a strong impact on the share price, as the total float is small. There is also no need to offer additional shares as the balance sheet is strong and no debt. In addition the management was wise to have the product under a toll agreement. This saved them from spending millions on a factory that would be too (big, small, late labour issues, delayed etc), There is production capacity in the market so no need to build more. Plus if a buy-out occurs the new owner will likely bring their own production plant.
The value is in the Brand, Formula, Approvals and Science