Ann: Half Yearly Report and Accounts, page-88

I think we're on the cusp of some exciting times as it becomes clear that Hazer is nearing the end of the beginning - in a "transition period" as Geoff Ward called it. The current price seems little more than a smokescreen. Perhaps time to up-rate our expectations?

We know a first standard patent is three weeks away, and now a second is due in May. The MIN pilot will start by mid-March. After a few months MIN will likely to decide to build a first commercial plant. This will unlock infamous royalty and we should know the potential worth of Hazer Graphite (stuff that actually improves battery performance after charging). Add to that any H2 project Hazer might land.

Nearing the end of 2019, with a commercial future under strong IP protection, I think any fair takeover bid would have to be several multiples of 50c. It would need to compensate holders for oodles of potential we'd be handing over - a money-printing machine.

While I'd certainly want Hazer to go on much further because the H2 piece is the really big story, I think our backs could be sufficiently covered by the end of the year.