While I did not expect any comment on the SR this morning, what wasn't said says a lot imho. At this point management has wrung about a much efficiency and risk management out of ongoing ops as they can. Let me recap the changes that seem to have been implemented:

1. Focus on a partnership model, as evidenced by the Panasonic agreement. CC said that discussions with Panasonic are ongoing about expanding the model and that Wilan was hired by Panasonic to asses their IP and recommend forward action. Aside from the shared risk aspect, this simultaneously address the political issue surrounding trolls.

2. Diversification by moving into new areas, both familiar (semis) and non related markets. This reduces the risk in dealing with the same cast of characters over and over (positive to hear that the BT partnership is about to take on Netflix over streaming video IP. Ditto for Siemens partnership on network management IP).

3. We heard this morning that focus is now more on individual patents or smaller patent families as opposed to broad portfolio licenses. This should streamline negotiations and produce revenue in a more timely manner.

4. Shared risk on litigation reduces expense, risk and volatility without impacting current revenue stream.

5. Move the release of quarterly results so that there is an automatic buffer - i.e. reports not received by the guidance date are not included in revenues.

Now if this is all that is under consideration, Wilan could announce the end of the SR. But it did not - suggesting to me that bigger options are still either in development or on the table. I don't feel that a full reveal can extend beyond the AGM, but don't necessarily expect that the public materials released beforehand will contain SR details.