Ann: Acquires iQ3, page-99

Anyone who's been in investor/shareholder meeting with Geoff Lord and or Julian Challingsworth will have heard them describe the original TNT business as a loss making "shell" with significant tax losses that happened to be in the right space to utilise as a listed consolidation vehicle.

The original business was turning over $5M with $3M in losses, so roughly 5% of current turnover. It's a huge misrepresentation to talk about this as the "core" business. In fact, it was announced in the last quarterly that it had been fully integrated into the Pure Security business.

The reality is that the TNT that we are all investing in today has been around for only 9 months and is a consolidation of 8 seperate, but complementary Cybersecurity companies. These businesses are a mixture of consulting services, product sales, sec dev apps, MSSP, cloud services and IaaS generating $100M rev with $30M ARR. We're at least a year away from seeing any meaningful synergy or earnings data coming out of the group.

The company has flagged its intentions to "acquire", not develop, IP, which I believe will be deployed as an ARR cloud based SaaS model using its current business assets as a launching pad to gain rapid scale (200 cyber specialists, 800 customers etc).

I suspect the market is still coming to terms with all of the above which is creating some excitement/trepidation and fluctuation in valuation and SP.

Broader market conditions are also creating uncertainty.

If the above strategy is correct and executed well then this has the ability to fly, and sooner than most are anticipating.

The next acquisition will be all telling in my opinion.