Hindsight is 2020 (pun intended).In my opinion, we may examine...

Hindsight is 2020 (pun intended).In my opinion, we may examine the situation and valuation of the company at the time of merger.

Maybe, just maybe, 84c sp with SOI 435.4m giving a market cap of A$370m for a company, one half is a start up in wastewater treatment trying to make inroads to China, dealing with CGGC (remember them?) and Beijing Water (who had already invested heavily on an MBR system); and the other half (or 30% equity) for a mainly EPC water company, still loss making, but on paper sounds pretty good with 7000 installations in 70 countries, was really overvalued in 2017?

Circumstances leading to that transaction price could well be managed to give the market a great blue sky feeling. Had we partnered with CGGC in 2016, we might have ended up like Oasys and Woteer in an article posted by @ywtoh a few days ago. We could be just lucky to have avoided that relationship and stay solvent. In 2017, blue sky is just potential, IC and SQ were pipelines, no financial close; iTEST relationship might only be at incubation, or not even conceived.

As what @bridog and @stockrock has well put, we have done quite a bit since the merger, and we have come a long way.

This is just my bit of rambling, wonder if the merger price actually reflected the value.