What I find surprising is that NN and the BOD appears to think that "serious investors" are stupid.

They assume that serious investors are looking strictly at the current SP. That they won't look at the history of the stock and see the RS.

I honestly think that the so called serious investors will have no more interest in us at $1.50 than they do now. Have a look at Noront. They have been batted around by day traders as much as we are, so the SP won't change that, imo.

Even at 6 times the market cap, NOT has attracted few institutional investors, and as I recall, Sprott didn't exactly do them any favours in the spring of 2008. Pinetree is another name that will leave a sour taste in the mouths of some...

Institutional investors can be a bane or a boon. They tend to move large volumes of shares, and can do so at the worst times. They will accumulate on a rising stock, and dump if it declines. When they are investing half a billion dollars in a mutual fund, they will not be concerned at all with the fate of us retail investors, but will be more like large volume day traders, albeit with a longer time horizon.