Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-30

@tropic

Hi mate, I still haven't had an opportunity to put together more comprehensive views, but I appreciate your comments and will endeavour to provide some of my views in coming days.

In short, I remain a fan of the business' current approach. You credentialise yourself to existing clients, and potential new clients, as a subject matter expert, by being an expert in your subject matter - for them to move away from this and to start chasing revenue at the expense of relinquishing that subject matter authority is in my view suboptimal.

I do agree that there remains a massive opportunity outside of the defence vertical, and I think you'll find that the business acknowledges this by looking a bit more critically at their channel partners, and their areas of expertise. For example, i-Sprint seems to have a heavy bent towards the education and finance sectors.

I also think you'll find the business' relationship with Thales via CipherTrust will expose it to these other verticals - especially with regulatory tailwinds potentially requiring the use of offerings like NC Encrypt (which in turn requires NC Protect be adopted).