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Ann: Investor Presentation, page-23

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    lightbulb Created with Sketch. 52
    Thanks for this, clearly I am wrong but I really don't understand how to get to that 62.4% figure.

    I'm pleased to be wrong but still very confused!

    Anyone got a value for the non-award assets? Can't really just look at pre-award price because that would be pricing in some (smallish expectation) amount for the award.
 
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