brr interview Tue, 2 Sep 2014 10:30am - Anteo enters into additional agreement, page-50

Fair enough, I think for me BBI is on track and has made ADO relatively low risk already. That's why I'm saying the price (probably at 25) has that built in. Currently, it's as though the market has forgotten about BBI and sold it down to current levels.

Let's change the definition to "milestones", I think actual cash flow positivity from BBI revenues won't come until - earliest - mid-2015. Maybe the report will show in Q1 2016 (we're talking Oct 15)

If what you're saying is that the milestone is some kind of "commercial deal" with BBI (which I think ADO kind of already have) rather than actual revenue figures reported on an actual quarterly report, then you could be right, I'm up for speculating that. Let's dig deeper:

I think that particular type of milestone (some kind of ephemeral "signing") is likely a continuum event and the market will likely say "ho hum" because they "already knew about BBI" and until "real revenues flow in" it's same old same old. It will likely trigger some SP action, but let's just give it 10c, maybe? (that would just bring it back to 25c from today)

Don't get me wrong: I think we all agree BBI is important - a lynchpin - but maybe our opinions differ in how the market may interpret the next milestones. Again, for me, the definitive one would be the quarter when ADO reports - in ink - that something like $2.5m royalties were actually paid into the account. And that's quite far off, minimum 9, maximum 18 months.

I'd be very surprised if POC1 didn't get revealed before then, so that's why I pick that milestone to be the (albeit still speculative) next SP trigger.