Re-rate, page-217

The company isn't giving current shareholders / prospective shareholders a reason to buy on market at present. Based on what's being communicated to the market, there isn't a need to step up at present. It's disappointing to see the share price capitulating at present as a long term share holder, however this hasn't changed my view on the company and expectations in terms of delivery / potential contracts etc.

We should expect the revenue from POCs to be delivered this quarter, with the potential for these to turn into a significant number of seats in the near term.

The 'target' for the year being 25,000 seats at 10poound per user per month. Not hard to work out the revenue generated for the business under this type of scenario.

It would be good for the company to give an update re Prime Tender as this has been circa 6months from being named as part of the group to be mandated to deliver on this 10 year /$200mil contract.

Here's a question that keeps playing in my mind. TPG being substantial and purchasing more at the last raise. What is their intention here with CVT, they either believe in the technology and want to ultimately own it or they believe that enough clients will pay for the use of the technology and someone else will ultimately want to own the business. Otherwise, what's the point for TPG?