Ann: Becoming a substantial holder, page-8

I'm familiar with Milford, Brian Gaynor is very conservative in fact Milford are a very conservative Investment Group.
As far as I am aware LCT is the only non returning revenue company that Milford have invested into.
Milford increasing their holding in LCT is a huge sign of confidence, possibly they gained more in-depth information from up to date investor presentations? After all to go back to their account holders and explain "we have invested your money in a company that currently doesn't have a commercially approved product and any paying customers" would be a hard sell,,,unless you were confident of profitable commercialisation.