Ann: ASX Conditional Approval to Lift Suspension, page-41

I think the answer is simple. No demonstrated, repeatable sales for the new products. VC won't care about the older, mature niche business. I went to an M&A seminar 12 months back by Corum. They said the VC cycle will be quiet until end of 2024: companies need to make it to here without relying on funding. What they look for in the M&A space is first and foremost, repeatable, scalable sales. All my questions for the company are here: where are sales at, where is production, where are the orders? Nothing else matters at the stage, not even the band.