Agree - having payments come through on milestones shows that...

Agree - having payments come through on milestones shows that one can actually deliver to a satisfying standard - one would have faith in whoever's doing procurement on the other side - and in some ways is better evidence than payment-up-front, however juicy it is as a 'sugar hit' to the balance sheets! Will be interesting to see what the annual report looks like and what the new top 20 shareholder concentration looks like as well given all the rebalancing that's happened over the last 12 months.

Broadly agree on institutional support but given the low MC that doesn't need to be a particularly big one - even a boutique firm picking up an interest or someone treating the industry as an index test that 10c point - my (wildly speculative) guess is that most who just wanted to get a small return above the 0.72 watermark and get out would do so by the time 10c rolls around.My guess is we go through another longish consolidation, but it does seem more likely any news is likely to be on the upside rather than to the downside.