my opinion, page-7

Brian11, Emissary,MDF and Dingo Blue,

I am happy to wade into this hypothetical. Right up front, Senetas deserves to be where it is right now. Absolutely no brownie points or pink elephant stamps should be allocated to any of the previous management. It will not appear on their CV's but most will know the real capabilities or lack thereof of these characters!

It is worth noting that since the capital raising saga, Senetas has had a t/o of approx 370 million shares or 80% of its capital. Given that the stock has been in a very clear down channel for sometime , daytraders would need to have been shorting the stock and/or trading the retracements to have made any sort of dosh. I am far from competent at being able to pick tops or bottoms let alone turning points but for what it is worth, I would conditionally suggest that we have seen the bottom in Senetas. There is a substantial support band between 10c and 12c and something quite out of left field would be needed to break through here in a hurry. The selling pressure over recent weeks has weakened. You can feel it and see it although what you see is not always a true depiction of the real situation.

Given the work that has taken place in reconfiguring and repositioning the company over the last 12 months or so and the bringing to account of all current and non current underperforming assets, Senetas is now poised to recover. I do not expect a bounce but rather a gradual appreciation in share price as positive news filters out and the confidence levels are gradually restored. The catalyst for this process imo will be numbers, real and actual numbers!

I am not foolish enough to suggest that there is no risk in this forward looking process as good as the SEN technolgy products are but I do however like the chances of Senetas from this point on. They have yet to do it but when those numbers start flowing through and reflecting a turnaround, expect a re rating.

Founding stock in the early days was allocated at 6c a share. Later, there was an option conversion issue at 9c a share. At that stage of the SEN evolutionary process, the company was no more than an investment incubator and as time would have it, most of the investments that were made by the previous management were sub standard. Accept for one-CTAM. This investee company housed the heartbeat of todays technology product and has grown into a dynamic technology hub that includes an exciting R&D platform for Senetas.

For most of us, day follows night. Senetas has been in a dark place for sometime now but things are most definitely getting brighter.

Great day to all,

ciao