Ann: Application for quotation of securities - KZA, page-9

They must disclose a material contract. A contract has to be one thing in exchange for something else. So to disclose one side and not the other its not disclosed. Have a look at the SEC filing under contingent consideration.

Further we know that Hopper has to receive a milestone for completion of Phase II. we haven't seen that yet. There must be some detail there so maybe its still not complete by some event/trigger.

Good luck.