Like many other shareholders of VIV, I hear and feel your pain. However, keep in mind that 2012 was a BRUTAL year for most equities. There are numerous stories out there of larger "Big Cap" dividend names that were hammered, like Poseidon Concepts (PSN), a former darling whose market cap and stock price just a few months ago were $1.5BL and $16.00 (it's currently $113mm and $1.51). However, unlike those stocks, 2103 should be a stellar year for 2013. Correct me if I'm wrong, but I've been saying since last July/August that people should buy this stock, and put it away in their RRSP or TSFA account, and then come back in Feb/March 2013 and start watching. The new cat product is about to be launched in the U.S., along with a better chewy version of the dog food. A second TEVA/BAYER order should be annonced very soon, along with the new web site up and running, and it's my understanding that talks with a number of countries regarding the animal feed side of the business are advancing well (something originally thought not to begin until early 2014). Yes, I was saying that all the animal studies were supposed to be published by the end of the year, and obviously on that front I was wrong. But I do know that the vast majority of them have been completed, and that the reason for the delay is that the first one to be published must be "Pivotable", meaning it must be preceived by the academic community as "significantly important enough" to be published, as well as laying the scientific foundation upon which all the other studies will be built. And this takes time...(although they are very close). Remember, this isn't just like doing a budget or devising a business plan...there a numerous steps that must be taken and reviewed, by academics.
Therefore, if VIV was your biggest disappointment in 2012, I'm wouldn't be surprised to see it be your biggest winner in 2013 (in fact if it's not, I'll be Extremely disappointed).
Good luck to all in 2013.