Ann: Director Retirement, page-82

Sure, there are plenty of worst/best case scenarios out there we can use to compare performance, but that will not get us anywhere.

There are far more worse case scenarios in my experience.

I'm just countering an opinion with a few facts.

Your presented facts have imo supported my opinion. Quite low dilution over a 4 year period as a general comparison to similar spec stocks over the same period.

if the SP and revenues from our master don't meaningfully increase, any dilution to develop our own products could be very large. The possibility is real.

Absolutely. Which is why I have always been very cautious about the progress of Bodyguard and particularly past comments about going it alone. Fortunately the subsequent expenditure clearly shows they haven't gone it completely alone, either that, or they haven't gone full steam ahead on the development of it.