I have done a number of assessments to confirm my thinking....

I have done a number of assessments to confirm my thinking.
Previous downgrades mostly caused by king content business.
Their media intelligence business continue to perform well with slightly downgrade in 2018.
If annual staff saving ~11m can be realised by FY20 then their cash flow will improve much better. 
Copyright cost is unknown however if this cost is same as Meltwater then they are in much better position to compete head on with Meltware in term of pricing.
Melwater only won the NSW Government contract due to lower cost but they couldnt deliver their promise. 
I would love to hear if their key holders inject $20-$30m to pay off the debt then well sp will go up much higher.