You completely missed the point.If you invest in the expectation...

You completely missed the point.

If you invest in the expectation of multiples of a return, & I never expected them to hit $50m , & you don't even see a reasonable return on your investment (especially for an unlisted investment) you sell.
The CN was priced at just over 1x Revenue when the peers example was 4.5 times irrespective of the actual Revenue growth delivered.

A reasonable expectation of Revenue for FY21 last May was $18m which was all organic growth from existing resources/clients & expansion into the East Coast.
Even a conservative multiple would have been x2, so a market cap of $36m or 52c a multiple of x4.3 excluding interest

HMI went from $883k to $6.5m in a year, so going from $6.5m to $18m wasn't unreasonable IMO.
Instead they went from $6.5m to probably $7-$8m, so yes a failure to deliver.