Ann: AGM Address by Chairman and CEO Presentation, page-34

I agree with your view of management and it’s been a long hard slog for shareholders that’s for sure.

I think Votiro is a game changer, before Senetas was a niche company - great tech and a niche demand for their hardware. Software has so much more potential and I think Votiro is driving things with minimal input from Senetas apart from them handing over money and contacts. Organic growth and ARR are what people want to see and Votiro is delivering that.

I think it’s going to take until FY23 though. I fully expect Senetas to continue to lose money in FY22. Between the chip shortage and Votiro putting money into marketing to drive sales it’s hard to see a profit this year.

Because Senetas has been such a serial disappointer people will probably sit back and wait for more proof before the share price rerates. On the other hand a good trend this year and rising sales might be enough to spark interest - always hard to tell.