Ann: Change in substantial holding, page-22

Interesting to see you mention the increased discount to NTA as a reason for a lower risk weighting, given the nature of the beast (i.e. the high rate of cash burn).

Do you see any likelihood of an early wind-up (I thought you didn’t), or are you looking at it in terms of “it’ll take longer for their NTA to go below Market Cap if things go wrong”?

Have your revenue expectations/milestones changed much?

Cheers