Ann: FY17 Results Investor Presentation, page-70

If this is indeed true it's pretty infantile behavior from Bell Potter.

"Notably, Bell Potter has done fee-earning capital markets advisory work for Catapult in the past, but according to the Australian Financial Review was left “furious” after it was snubbed from more fee-earning capital raising work in favour of Goldman Sachs in July 2016.
The July 2016 offer to raise $100 million and fund an acquisition would have provided Bell Potter some juicy fees if it was offered the work, but post-snub it seems to have gone cold on Catapult and its management team’s “lack of clarity” as to where EBITDA will land in FY 2018.
Bell Potter is now forecasting Catapult will post an EBITDA loss of $3.8 million in FY 2018, with positive EBITDA of $10.4 million and $19.6 million in FY 2019 or FY 2020 respectively.
However, given the history between Bell Potter and Catapult investors might want to take these new forecasts with a pinch of salt."

https://www.********.au/2017/09/07/...price-is-slumping-on-a-bell-potter-downgrade/