Chart, page-28

Your comments on the company are completely unfounded. I can't think of a better space to have money parked LT than the water sector, particularly waste water treatment. DEM's financials are quality as well, annual revenue in the range of +$10mil and moving towards CF positive.

This talk of probability in terms of gap filling - all of the gaps you agreed and were noted (10c, 14c, 17c, 19.5c) have not been filled. DEM clearly does not have a history of filling gaps, therefore you would presume (under probability) that it is unlikely to go on to fill the lower gaps. This is using your logic I might add. Poor no value content.