Please note that BLG refers to enconomic scenarios as opposed to...

Please note that BLG refers to enconomic scenarios as opposed to revenue forecasts. I guess just back of the envelope estimates of the vibe.

Pittstreet would not be able to use that info for valuation, hence M&A potential is used instead. I've seen this done many times before by analysts.

I guess the message is that there is a big opportunity for BLG's valuation to increase substantially (if all goes well). There is a comparison with WBT to demonstrate that the share market doesn't always wait for actual revenue to be reported before the SP appreciates.

Once the rights issue is put to bed, there is the opportunity for the SP to appreciate as part of the BLG re-rate from R&D to commercial company.

I believe the rights issue will be fully subscribed. Some won't bother with getting another 3.3%. Others will apply for the short fall.

I expect there will more good news from BLG this year. I'm looking forward to getting rid of CMs, new products, repeat orders and any exciting announcements on the technology front (i.e., anything RPCVD).

Just my 2 cents.