Is my maths correct? Upside looks compelling, page-46

I am definitely planning to hold long term. I have increased my holding to 5 million and am considering buying more at these prices. It’s hard to see how it could possibly go much lower (but then I have said that before).

It’s such a frustrating company as it has really good products, but just never seems to quite capitalise on them. Don’t expect much information from management- they make TNT look positively chatty.

There will definitely be another loss in August and we might get more clarity then as to how Votiro is tracking. The core encryptor business appears to be recovering nicely, but most of the blue sky is coming from Votiro and that’s going to take a year or two I believe.