I would argue that buying at 12.5c is not significantly...

I would argue that buying at 12.5c is not significantly different to buying at 13c especially if you believe in their growth projections (i.e. to go from ~30-35m in FY2024 to 57-71m in FY2026 (so an average of ~95% increase on current year).

None of that can happen without a material contract because the history is broadly unchanged:
- Perimeter is ~18m per annum revenues including IMOD and 1H24 seems to indicate that we in line to do something similar
- Access is ~5m per annum business and we may do ~6m this FY
- Illuminate is ~7m per annum and again 1H seems to indicate something similar

So we have ~30m if these business achieve their standard deliverables (arguably Perimeter had IMOD in there), so where is this huge upside coming from that is going to change the fundamental nature of the business financially.......they need a blockbuster product to get to the revenues they are claiming