Ok a new thread and all opinions welcome.Going through the...

Ok a new thread and all opinions welcome.

Going through the recent presentations and commentary. I think we can agree that all fluff announcements ceased a long time ago.

Colinton are active investors not passive. Calibre is there and they would not have jumped in lightly. If they had purely taken a convertible note I would have been worried but half in shares and half in note aligns our interests to some degree.

Recent commercial deals are great, as is the latest technology - however it's time they sold some and delivered. We know timeframes possibly 6 months behind schedule and suspect this relates more to military than to bedding (which is still probably behind but more volumes off a bit as well).

Using recent presentations, the immediate market grab is $35m of sales with a 40% margin. Overheads have been trimmed back to roughly $4m per annum.

If a combination of management, Colinton and recent board addition can execute on 60% of that market of $35m, then that would give us a run rate of circa $20m for the coming 12 months. $8m gross margin, less costs of $4m leaves us on a PE of 10 - with other cornerstones to drop on.

The new board addition from my underdstanding is not just chemical guy but also contacts with private equity.

I think we have witnessed the nadir with Alexium - yes still cuts deep but truly onwards and upwards and I think that is why you are seeing opportunistic buying. I have!