Ann: Quarterly Update and Appendix 4C, page-7

Not great, but not the end of the world. Patience is needed.

More than one iron in the fire. Already trading at a discount. This is my one semi-conductor "internet of things" stock. I like the sector so prepared to wait. If the test comes through, the re-rate will be multiples, so asymmetric play here for the downside.

Also, the cynic in me says management are downplaying our prospects.