If you all have read the report closely, you will all have picked up that the African US$100m MOU is NOT included in the base case, but is included in the bull case. Whilst not a done deal, Richard is quite confident they will get this over the line. So, my feeling is the bull case is actually the base case and with possible left field announcements re MABR/CMABR outside of China plus futher possible government level contracts (this won't have been a one off they are working on), then the bull case may well turn out to be the bear case, not the base case....time will tell over the next 12 months,
Kind regards, SEAH.
Media update, page-488
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