consolidation, page-14

SEN should be considered as a genuine investment play. It has made a 2003/04 profit of >$3 million and a forecast 2004/05 of >$5 million.

SEN has cash of $3 million and around $12 million from options in May '05.

There is a growth component to the story with new products from SEN partner in the US Safenet [NASDAQ:SFNT] entering the market in late 2004.

Internet high speed encryption is a very warm market area and one could expect good results from this segment.

May be some short term weakness as traders may dislike the consolidation.