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I wasn't struggling with it, I said I was wondering, just the same as you are now, and so I gave it some proper thought. The profits are moving up from a relatively low base and in a couple of years or so that PER could come right down, relative to today's share price. Your last point justifies my conclusion. The flip side is that maybe there needs to be a pause for the profits to catch up with current valuation. That's the only question really. But I'd like to think the market sets the PER and will stick with it for now at least

Execution risk (?) Please can you explain what that means?

That's a good point SnipVW they dont need to pay anyone to ramp it.

The only odd thing is the weird posting on this board. The notion of a 16p buy out price is utterly ridiculous.

That kind of a deal does not creep put. Imgaine being the one responsible who blows up the deal? The first sniff of news will be an RNS

What clap trap! RBD are getting 15% on their loan - that's an excellent return and it shores up the original capital investment

I made very good money on my VDTK investment - just about the best return all year. I bought very early (sub 3p) and sold out mostly in the double digits - but I know others have not been so lucky. I am fortunate because after two decades of AIM I have learned to be cautious, and questioning, of what I read and hear. I also tell it straight.

You hit the nail on the heqd SniolpV, both here and on the 'other board'. Something not right

You seem to know more than anyone so please go on. What about all those effusive comments about the product coming out of Black Tulip, and their intention to use it for multiple projects? So what happened with them? Please do tell

When you say you "de-risked", you must really mean sold out when the stock was riding much higher a few weeks ago. Nevermind SAF, whatever happened to Black Tulip too? They were over the moon with the product, didn't you say? Has there ever been any offical news on why they haven't used it....? Not as far as I am aware. Verditek has a lot of answers to give.

Persimmon is probably alluding to greatly positive company changing news which he has spotted

It must be said that Samsung has perfected the take now pay later business model. U fortunately it has not factored in the shift to 3x punitive damages for patent lawsuits in many jurisdictions worldwide

Eh? What news..?

It's an interesting question. I originally wondered about whether a PER of 30 was sustainable. I think one has to judge the prospects of future growth, including over what period that growth can be sustained, and the sort of profits made by the biggest law firm competitors in the market. The brand is an important function of all that.

The key points are these (IMO):
- that the model is designed for long term growth off a relatively fixed cost base
- that growth can potentially continue for many years as new lawyers arrive, and because there are other territories which can be added too, just as they have been added.
- that the very biggest Magic circle law firms make vast profits far in excess of what Keystone does now.

Loads of other registrations and product launches to commence, and deals on the encapsulation. Strange time to be selling....? 6 years is a quick trade for me. I just picked up a 10 bagger. It was a 10 year wait doing nothing before that and then it all happened in a flaah ( 2.5 months.)

Eden finally coming of age, I hope! There has got to be an update on the Corteva deal soon.

https://www.lexology.com/library/detail.aspx?g=0e57a3d5-d25e-415c-a0fe-f563c5540f52

In short, the Markman hearing in U.S. patent litigation has become a critical procedure, second only to the trial itself. Limitations of language leave claims subject to the interpretation of the reader, which leads to the core of many patent disputes. Courts have been instructed that they must resolve these disputes about interpretation and construe the claims for the litigants. To do this, judges must parse through the extensive and often confusing intrinsic and extrinsic evidence and make sense of it. Given that most judges do not have technical backgrounds and their dockets are typically crowded, claim construction can be a particularly demanding task for a judge. The Markman hearing represents a party's key opportunity to assist the judge with his or her task and to guide the judge through the evidence in a credible and convincing manner. This opportunity must be taken seriously by the lawyers and be fully supported by the client. Good advocacy here can lead to a positive claim construction ruling and enhance the possibility of settlement, saving the client the tremendous expense of a trial.

There's a Chinese proverb that I just made up, which says "The quietest whisper makes the most noise". Feeling positive we have all the conditions in place for a deal.

Thanks for ypur reply extrader. It was something that stuck in my mind from way back.....

https://www.proactiveinvestors.co.uk/companies/news/64602/zanaga-iron-ore-to-reduce-cost-base-as-prices-fall-75453.html

Zanaga Iron Ore (LON:ZIOC) is to lower costs at its project in Congo Brazaville this year following the recent slide in the commodity’s price.

Work will focus on port and power agreements, validation of the environmental permit and ratification of the mining convention, things that need to be in place when price conditions stabilise.

Zanaga, and its partner Glencore, had held talks with parties interested in taking a stake in the project but need the iron ore market to stabilise before formal discussions can resume, it said.

Clifford Elphick, Zanaga’s chairman, added: "Following the recent drop in iron ore prices, we are cognisant of the need to reduce the annual cash costs of the project.

“Fortunately, the most costly work programmes required for the assessment of the Zanaga project have already concluded alongside the completion of the feasibility study, and the project's key value-adding activities will now be conducted off a much lower cost base.

“Developments in international iron ore markets are causing prices to transition towards a new supply and demand equilibrium.

"We remain confident in the robust economics of the project and look forward to delivering further progress through 2015."

Here's a question:

What do people understand by "Iron ore market price equlibrium"?

That's when management said this asset becomes saleable. But they did not say higher IO prices.

Is there an intentional difference of meaning? When is the market price ever in equlibrium, or indeed, when is it ever not in equlibrium (because that's the market).?