Ann: Appendix 4D and Half Year Financial Report, page-3

Few keypoint here...

1. Cashburn issue agreed, CR is on the horizon
2. Net tangible asset per share is (5.41) negative 5.41 cents, while we are paying 40c at this point.. does this suggest that the price is hugely inflated?
3. Net losses increased massively, I think smoothwall is a bad buy, and smoothwall is definitely less smooth. Let's see the revenue from uk operations was around 8mill plus, but the massive increase of employee bills and employee share based increased from 8.5million 2020 to 29million 2021, look like wages increased by alot more than revenue... so paying 140mln for smoothwall definitely very concerning and seems to me bad investment.
4. A bit weary about the non paying customer, I think the provision of doubtful debt is understated and suggest that the picture painted is less rosy.
5. General market especially with the Russian war will definitely a big issue for everyone in the market now..

I hope the management know what they doing.. doesnt look too good.. at this stage