Ann: 30 June 2014 Results Announcement, page-7

Based on these figures and capacity for a dividend in a year perhaps this co is worth 2cps. Senetas has talked endlessly about " partnering " and didn't deliver results. Its principal source of income before was through safenet and when safenet fell after being involved with washington corruption senetas was a disaster. Now safenet is the principal source of income again. Safenet itself is now in play and the consequences for senetas are problematic. Share consolidation seems likely and that will undermine value. There is no objective justification for the share price. History may repeat and there is no safety net.