Page is a not externally linkable
-- Google SEO News and Discussion
---- Penguin Update - Not All Directory Listings Are Spammy!
driller41 - 8:58 am on Jul 11, 2012 (gmt 0)Thread source:: http://www.webmasterworld.com/google/4461573.htm
A few thoughts it is probably the overdoing of exact anchor text and too many such links all going to the home page - as directory links of course do which cause the demotions rather than the actual directories themselves.
Brought to you by WebmasterWorld: http://www.webmasterworld.com