Ann: Market Update, page-127

It's not unusual for MEMS development to take a decade.

In terms of "demonstrably achieved", all you need to do is look through the announcements that have been made over the years to find that out. However if you're looking for evidence in addition to those announcements, then you could speak the 3rd parties involved and/or other individuals who've visited the labs and AGMs.

Development appeared to progressing well in 2013 for phase 3 of the 4 phase development plan, and it sounded very promising around the end of 2014. Yep they encountered issues and time taken to resolve them is understandable given the nature of the product (not to the AFR though, to the surprise of nobody they'd have zero clue about the dev cycles involved).

The share price could be half of what it is (or double) with zero involvement from the top 20. Hopefully this doesn't need explaining.