EON reality - ownership up to 6%, page-55

17 years is a looooonnggg time, i too would be frustrated.

Let me be clear, i am in now way defending FG, i don't warm to the guy at all, and i find him rude and dismissive of SHs. I am also not suggesting anything i post are his views. I haven't not spoken to him ever. What I was simply saying is the value of a business at the pre-ipo stage is determined by capital raising's made to keep the company growing, the amount of money that is raised for the % of the company places a value on the remaining business. In a business that is essentially a growth company , that value will be likely be determined by future growth projections. These projections essentially get crystalised via the new valuation. So whether is profitable or not is irrelevant until we need to formally value it. It adds nothing to Sen as its not a saleable asset at present anyway. Doesnt prevent you from adding a nominal value to your overall Senetas valuation. i do for approx 10m but its not what drives my investment thesis.

Now in terms of Sen SHs of EON , they are a very small shareholder and given they dont intend to add more money into this, a progression to an IPO will be determined by others. Given the value on its books is currently zero I see no reason to need to ascribe an arbitrary value now. Having said all this I know a couple of years back Sen and our mate FG specifically gave us all the clear impression there was value in this EON SH that could be realised medium term via a Pre IPO raising and or a subsequent IPO. It is clear this has not progressed and given its not an operational priority, they have let it slip from comms. I also agree in terms of SH comms it is poor form, but personally I am invested in this business not because of its leadership but in spite of its leadership , I simply believe in the product offerings. The Chairman is a cold fish and the MD very boring given the industry, yet the future in my view is very bright and i say this from having a decent understanding of where the core business pipeline and Votiro pipeline sit