I remember 4.7cents before we saw the price start to crash down...

I remember 4.7cents before we saw the price start to crash down to the 0.003 and its been hanging around 0.005 for a fair while during periods over the last 12 18 months. The 4.7 cents price is really interesting because TSI only had about 400 ATMs operating at the time, there was no deal with CX Partners or the cash the cash that came in the deal with CX. There wasn't much going on in terms of mobile payments.


Now all these things are improved although we don't own 100% of TSI anymore. And depending on whether CX pays the 2nd tranche we will end up at about 25% or 33% of TSIndia. Personally I wouldn't be disappointed if CX didn't pay the 2nd tranche and we end up at around 33% ownership.


By March next year Im hoping we will have 2300 ATMs operating, Hopefully the Salt Platform will be up and running in India, and we will have an improving Indian economy with lower inflation and a lower Australian dollar. At the moment commentary about the Indian economy seems to be more positive than in recent years, the AUD has fallen under 90c USd.

Mobile payments is not an easy space and it will be really competitive, but I believe that TSN will have an advantage over other players in the space. This advantage is India. Whilst every man and his dog could probably come up with pay solutions in Western Countries like Australia, doing business in India is massively hard. The advantage of TSN is 1) it already has approval from the Indian authorities to run ATM services, 2) It has material relationships with at least 3 banks 3) India has a massive middle class population which has atleast 10 times more people than the whole of Australia and New Zealand combined and 4) management has been doing business in India for years. TSN is no upstart, its well known in Indian Financial Services.


So for me whilst the stock price is disappointing I am still hopeful that the business can become something really good in time. Good luck to everyone holding.