Thanks steini, although I don't want to enter the war of words...

Thanks steini, although I don't want to enter the war of words between yourself and raj / snc, I appreciate you putting all your thoughts on paper.

Without taking management into account I concur with your views on the business itself and the annuity-style income, which is secure for 7 years before we start to see some churn. It reminds me a bit of NXT which showed little or no profitability while they were building their Data Centres, but now have a secure long-term income stream.

The 450GW probably won't be reached until the back end of 2021 or 2022 by my calcs. By this time, and assuming no dodgy/stupid moves by management, the eps should easily justify a SP many multiples of 2c, assuming the number of shares remains roughly the same and management doesn't reward themselves with huge bonuses.

Good luck with your holding. I am a modest holder at the moment and still weighing up whether to increase.