Not much to see, i don't think. RDF is a business that needs...

Not much to see, i don't think. RDF is a business that needs both capital to grow (i.e. bid for traffic systems tenders) and a focused management team with industry experience to win those bids. For the last 4-5 years, they've had neither of those two things - they were hamstrung in the US with Chicago, debt was too high, and the management team was focused on cost-out and stabilisation of the existing business rather than growing. Both of these things changed only late last year when the company completed both a debt and equity recapitalisation (in December), and installed an industry veteran CEO (in August). In light of the fact that the company got the money required to grow in December only, accounts to 31 December don't tell us much about what the next few years might look like.

There's still US$10m (out of the initial US$20m) Chicago liability payable, but the payments are more manageable now as the annual installments run to December 2023 - assuming equal installments, that'd be US$1.67m per year. What pushed RDF into raising equity late last year is that they had to fund US$10m in calendar 2017 alone.