Ann: Change in substantial holding, page-12

On the subject of upfront licence fees Bell Potter in one of their analyses on SPL several years ago gave estimates of the likely upfront fees at $15M for Dep Doc, $8M for Dep Cab & $30M for Dep Irin.

There were other amounts for milestone payments etc and royalty rates of between 12 & 17%.

This to me sounds more realistic (maybe a little light on) than the hundreds of millions suggested by some.

This company has been a source of constant disappointment for me for far too long however this weeks announcement has given me a well overdue, albeit cautious, confidence boost.