The concern to me is that we've already got our income for Philogene and Greaves. So where's the 20m coming from?
Well there's hopefully £3m for Jones over the next few years, £1.5m for Alzate, £500k for Macca, money for Smith, Mehlem, Racioppi, Simons, Jacob loan fee, Omur loan fee (?).
Then no doubt some more at some point when we move more on. The cash flow seems to be the crucial point, as long as we have fees coming in we'll be able to make the payments out, which sounds like will be our defence in this appeal.