Ann: Proposed issue of Securities - WSI, page-9

Nice chart Gusman and yes I am sure management are working very hard behind the scenes on the important stuff rather than focussing on fluffy announcements like so many other smaller ASX listed companies seem to do!

The Jun-19 bumper 'pump and dump' quarter where they clearly received big contract $ in advance reduced the Sep-19 and Dec-19 receipts so be careful just isolating cash receipts over individual quarters. The business is still growing very strongly as per the product manufacturing and operating costs steadily rising, so I suspect the Mar-20 quarter and then Jun-20 quarter cash receipts should be very good IMO, particularly with the Alltype acquisition.

If they can slightly reduce costs through Alltype synergies, the combined business will be paying out very strong dividends within a year or two even without much growth. Once the dividends start flowing the market is forced to rerate higher these illiquid microcaps.