Ann: Investor Presentation - Quarterly Results, page-140

The more I think about this, it's bloody absurd.

Contracts sole sourced - no competitors.

Customer churn - zero.

POC win ratio - greater than 95% success rate.

POCs won - waiting on budget allocations.

Kojensi clients - SAP, Thales, Rheinmetall, SAFRAN, Hanhwa, TOLL, babcock, etc.

Margins - increasing in line with revenue base shift from services to licence-based.

Cashflow - neutral to positive being targeted.

If these comments are all true - I'm undertaking my own DD to try and verify all this - the value of the business will be materially higher, and justify the oft-spoken about re-rate.