Ann: Half Yearly Report and Accounts, page-80

I had a nibble today for a few thousand at 3.00. First parcel of TYR for me. I like the long term outlook. Have been watching since the IPO but wanted an extra margin of safety in the investment thesis and so didn’t want to jump in at the mid to high 3s. Then the outage saga hit, so I sat on the sidelines u til the result.

im happy with their response to the outage, to their various growth channels and 3-5 yr outlook.

happy to keep adding more at lower prices if it goes that way over the coming months, and happy to buy more at higher prices over the years if they can execute the strategy and grow via the retail,the hospitality healthcare verticals, the new bank partnerships with Bendigo, the business lending arm, the alipay transactions, the zip pay partnership, credit cards, interest earned off cash deposit Reserves, m&a opportunity, etc.

two of the most attractive elements to this business are the excellent leader in Robbie Cooke and the oligopolistic banking industry with high barriers to entry and very beaurocratic old behemoth slow moving competitors. They just need to turn profitable in a sustainable way to attract income investors, attract value fund managers and minimise the equity dilution risk.