What worries me is ADO would've supplied a large amount of information detail for the construction of that report, and I hope the info around a CR at 1.5c was not part of it. Hopefully it was just financing daydreaming on the part of the author after checking cash burn and available funds!!
If they had a cornerstone investor or some such as thought by Surges, they would/could not be telling Pitt Street Research at this stage.
Investor Update, page-111
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