Blue Ocean values at 30c near term, page-106

You are right again Imran. People got in at higher prices, when the stock was well over-priced - it was priced at a level that was contingent on the US coming to fruition. Bell Potter noted this and several other risks in their report that ended up coming to the fore.

There are two things that standout to me that go against MBE, that i can see.
1. Inconsistent reporting - There was a period when the company was very forth coming with information. In hindsight, this appears to be in relation to the fund raising that was happening at the time. E.g We've had to wait less than 6 weeks for company updates and as long as 6 months. We've heard about all connectivity partner and telecom partnerships, but we haven't heard which telecoms MBE has made deals with yet, yet their last report indicated that they are selling products to some of the telcos - whilst others have said MBE may be selling products to at least 2 UK Telcos.
2. International expansion has proven to be harder than originally thought, due to regulatory and geopolitical issues. Given the high profile failures in this area, Analysts would no doubt apply tougher risk analysis and thus rate MBE a little poorly on growth prospects had these regulatory and geopolitical issues not come to the fore.