Re-rate, page-241

The share price clearly is not great and todays fall to 7.1 as I type is clearly disappointing - I am sitting at an average of 20.5 with a sizeable holding.

Clearly CVT  has a product that is sufficiently good to attract a UK Government POC (I have to assume after an extensive assessment) and the likes of Cisco - also I can' believe TPG took up such a large shareholding without  undertaking sufficient assessment of  the quality of the product. The share placement in May was supported also by Fidelity International and to quote the release  "institutional investors in the United States and Asia-Pac" (at 23c) and if this is correct institutional investors do not invest on a whim without undertaking adequate due diligence

As has been stated there is a rationale why the share price has tanked i.e. no revenue, substantial costs an no firm commitments as yet - the cash drain is probably the biggest issue at the moment as it is difficult to see a credit raising being supported when needed without some solid announcement/revenue pipeline.  The big hope in the absence of anything solid in terms of news is TPG and the other institutional investors who if they are confident about the company or are aware of information that supports CVT's future might support a credit raising.

I was tempted to average down @10c (glad now I didn't) but on balance I had other investments that I felt represented a better risk/reward - even at 7.1c while tempted I am not sufficiently confident of where the company is heading at this stage to invest further.

It is going to need to be a VERY strong announcement that gives the share price any hope of regaining  the February highs of 40c I'm not even sure a successful UK POC and commitment will get it there though it might struggle to my average of 20.5c - (I can only hope )