Ann: Q2FY19 Activities Update and Appendix 4C, page-20

The French Government wish to attract the smartest brains in the world.   They give WBT a rebate of 130% of wages for year 1 & 2 uni graduates.  
65% of R&D is paid by the French Government.    Leti is like Australia's CSIRO.     
The value of this association with Leti and the helping hand of the French Government is undervalued by the market I believe.

There are no strings attached that I know,    Australia has a similar R%D tax rebate, though far less generous.   From memory 45% in the form of a tax return for R&D.