ADN vs WAK, page-16

Fair points. Plenty of people have strong opinions on CG. Something seems to have changed in 2022 as many have noticed with the comms strategy as well as the SP.

I know many ADN holders are very positive about JM as a leader (and I have no major reason to say otherwise simply because I don't know enough), but the large amount of adulation for JM does seem a bit inconsistent with the regular delays I've seen for ADN, as well as the way things panned out with the DFS.

I don't mean the above with any disrespect - just pointing out my own observations.

I personally hope the potential higher margin uses for Hallo are proved out by ADN and brought to market. The Kaol has it's uses but ultimately the sort of SP growth we all hope for is likely contingent on commercial uses for Hallo.