Ann: Proposed Sale of Cybersecurity Business, page-108

- Net proceed from sale price will be less than $25mil, as you have to substract $3mil of related expenses.

- It's cash free and debt free, so VOR has to payoff all debts. From the annual financial report, net current asset should be about $0.4mil.

So after the sale, we have about only $22mil left + TSI.

I don't know much on how they value their TSI's share, so I tend to be cautious here. But TSI's EBITDA for FY20 is only $1mil, and 25% of such business will not attract much attention. To be cautious, I take the worst case of $1mil.

So we have $23milfor 140.56mil shares, that's about 16.5 cents per share.

About TNT's bid, I don't think it will happen, given how the two C10 & DWX have publicly announced their new marriage. TNT will not bid if key personnel in C10 and DWX are not staying.

If key clients decided to walk away (I think some will because the Buyer is a foreign entity),the deal will fail. Such scenario is even worst for VOR's shareholders.

So if I was a VOR shareholder, I would sell every share I have at 16 cent, and find another opportunity elsewhere.