4DS chart, page-53

Some relevant questions ... my experience with 4DS only goes back to January, but if I stray in the history, I trust Jack will put me straight.

You have to keep in mind that the prior experience (and considerable success) of the promoters lies in the US Venture Capital environment. Where tranches of private money are progressively invested in pre-IPO start ups, based on sophs accepting the successive revaluations of that start up.

My suspicion (over to you here Jack) is that 4DS listed here when miner RTO's were cheap and cheerful, because this ASX vehicle represented the lowest cost, minimal dilution way for the promoters to package the original concept and IP (which has blossomed in the ensuing years).

The main angle for me, is that 4DS has attracted... and most importantly retained... very meaningful relationships (Western Digital, IMEC) as and when required. And in the recent years I have researched, the promoters have managed the company on a shoestring with minimal CR's. (No lifestyle listing here!)

Note it is only now that a US roadshow is being scheduled to increase visibility and so boost the long-languishing SP... leading into the imminent delivery of the commercialised wafers. Up till now 4DS has been very much under all radars.

But it has leaked. We can only speculate about the precise cause of this week's run. Getting set for the IP becoming commercially viable is logical. But same could be said of a leak re early stage negotiations.

Either way, the absence of prior massaging of the profile has meant 4DS to date is understood by only a tiny audience, so far. That is starting to change, but only just ...

Which I think is enough reason why we are running, but only at a comfortable long distance pace, atm.

One prediction...must be due for a first heart to board sometime soon. With that, HC visibility assured.

Although the heavy lifting at Board level is just beginning.

Hope that helps