In the meantime, the ratio of ATV to KXL has stretched from 20:1 to at times 40:1

Glad I don't own any ATV ;)

I you look at the ratio in terms of market cap then the SGX:KXL ratio has actually increased. The ratio as 1:10 in September, since then SGX has issued another 25-30 million shares (20% dilution) and the Sp is still at a 1:10 ratio. So based on market cap it is 1:8.3 now

I guess there's 2 ways of looking at that ... Sage is holding up well and this is a positive sign ... the cynics might just think that means it has farther to fall