Ann: Senetas successfully completes A$5 million share placement, page-28

Hi Guys
I don't want to sound like an unjustifiably bullish guy, so i have refrained from too much commentary , but the only thing i can say Votiros growth is substantial and a cash flow break even in 12 months will be an amazing outcome given they only recent launch of this product as a Saas model. when it was initial launched in Japan years ago it was sold a perpertual licence offering. The business has only really started transformed in the last 2 years.

I believe the scalability and TAM of the business is so big that it will eventually be spun off, sold or Senetas will be acquired. A business like this will ultimately find its way to a big global owner

I completely get the negativity, and dont think for one moment i am not displeased by the price of the rising, buut the difference between raising at 5 3.8c for 5 m is 37m extra shares on issue, which is not really that dilutive when one considers the shares on issue, but i imagine Sen management imagined they would have won the US defence contract by now and we would be trading much higher by the time the raising come around. I still think relative to Sen Votiro will become a much bigger business and will create substantial value for SEN shareholders.

It wont take much for Sen to announce a couple of big wins and for sentiment to change. I would like to see the MD pick up a few shares