Paterson's updated note - spec buy - price target 30c, page-27

Well fair price is a "relative term". It depends on what you take into consideration and your risk tolerance.

Apparently Covata have some excellent tech and some nice sounding collaborations/partnerships and are on the preferred tenders list (or what-ever the poms call it) for the UK Government. Unfortunately none of those things thus far have translated into dollars of any substance and there is no guarantee that will ever happen.

I think we can all acknowledge to date cash burn has been high and revenue woeful.

This year the market has been punishing tech stocks that are not delivering the dollars. It has been a case of show me the money or go away.

Anyway a fair price could be anything from 1 cent to 30 cents depending who is doing the calculations.