I think it is all in this note and definitely a long game investment rather than rampy resource type. Guess the market isn't too enthused with 100K revenue but possible recurring and regulatory winds at their back makes for a compelling story.
GB....you think Lombard are activist? Any insights as to why apart from increasing their holding?
My experience of them is that they are a more traditional Swiss asset manager....undervalued growth companies and income plays. Generally stay away from the limelight so not a typical profile of activist ala Jjana Partners
From my corporate experience in house tech developments often have RFQ / RFI issued in parallel to learn what you can from third parties, keep the in house team on their toes and have a back up if first choice is in house and they fail.
Not sure any of us know we will just have to see where the dominos fall.