FJ, I totally agree.

1st. I see the PDA as complete (POET, Synopsis & GF?)

2nd. The lab to fab to client process that was repeatedly mentioned at the AGM, leads me to the conclusion that a client has selected their preferred fab to deliver their device, which they have specified at the 40nm node.

3rd. I wonder if the reference to the optical element in the NR

"The PET/PDK is scheduled to be available at the end of fourth-quarter 2014 and will allow Poet to provide detailed design information to industry fab partners and customers. This will enable presemiconductor design evaluation to integrate optical, analogue and digital functions together"

could suggest that the client is potentially an optical covergence company (Avago, Finisar) and this could be the source of the 1st NRE.

GLTA