"The ‘Prime’ contractor relates to a multi-year contract in...

"The ‘Prime’ contractor relates to a multi-year contract in excess of $200m AUD".

Even if Covata share is 5 to 10% of $200m syndicate-contact

=$10m to $20m,

a bigger revenue than Ionic's $5m to $10m

What is Ionic valuation?

Us$500m= A$650m

p24,25,25
- Ionic
-M&A, takeover activity.

p15 - comparable capabililties of other players

http://www.asx.com.au/asxpdf/20160802/pdf/4390s5mtds09dg.pdf

Some bored shh wants to get out.
They can't wait anymore for rerate.

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Investment values Ionic Security at over $500 million - Atlanta ...

www.bizjournals.com/...edition/.../investment-values-ionic-security-at-over-500-mill....
Feb 12, 2016 -
Kleiner Perkins-backed startup Ionic Security has raised $40 million and plans ...
The threat of cyber attacks has become a board-level concern, ...