Ann: Outstanding Shareholder Support for Share Purchase Plan, page-145

I was surprised they only took in $26m from the SPP. I would have thought more people would have applied for $30k worth. $3m was always going to be too low, so I'm not disappointed to have got my full allocations at 30c. I am disappointed it has fallen below the issue price though, even though its still in touch. I have high hopes for this investment, but I am conscious that small unprofitable ASX companies have a history of promise unfulfilled - Alexium a prime example - so nervousness is bound to creep in if order flow goes silent.

we now have a nervous wait for these new orders alluded to to come to fruition. Plenty of hype around, but environment is beneficial. The imminent Australian Defence Review will surely highlight the need for drones and anti-drone technology. I noted Israel has now enabled export of their anti-drone technology, its hard to know how robust is the DRO technology - the fact it is software enabled and provides annuity income stream once in place is a positive, since its not a consumable product line.

The market cap seems extremely modest for a business of this type which appears to be at the bottom of a J-curve for sales, by the company's own admission. At the very least, it must be on some large arms supplier's radar as a quick advanced way into this space, which provides a backstop if the sales team don't deliver.