Valuation Comparison, page-6

"We established a long position in Catapult (+1.3%) following a $25m equity raise in the period. Catapult is an Australian grown technology company and the market leader in providing elite sporting teams and professional athlete’s real time data analytics to monitor and measure performance. While we have always liked Catapults technology, the recent capital raise at $1.10 per share represents much better value, compared to the stock price back in August 2016 of circa $4.00. The company has undertaken a significant amount of work over that period and transitioned the business from a founder lead organisation, to a management team that has successfully grown businesses before. As such, we believe the recent capital raise provided an attractive entry point and gives us access to a genuine global market leader in the space. We see upside from the release of the new prosumer product over coming months which could see a step change in earnings. Now with a much stronger balance sheet, and trading on around 3x recurring revenue, we should start to see good operating leverage over the next 12 months"


https://ellerstoncapital.com/wp-content/uploads/2018/05/1804_Market-Neutral_Fund.pdf

A big fund like Ellerston had thrown in some small change to get a small bite of Catapult..they thought it was good value at $1.10...now that it's $1.00, probably better value?