well there was the CR of 300 mil shares for $3m. plus another 300 million options all confirmed at the same time. so you would expect a re rating for expected target once. all other performance options etc have expired hence less dilution. So the other 3 re ratings I'm assuming were from slower than expected progression of pilot. These things take time and I'm still very happy with current target of 4.4c because a deal looks likely and then onwards and upwards from there.
Broker Reports - Research - Media Coveridge, page-4
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