Ann: Becoming a substantial holder, page-11

I got back in the stock on this announcement. Cyan Investment picked Afterpay when it was $1. More recently, they picked Alcidion, which multi-bagged. They have some skill in finding good growth stories early on, before they run. If I can get in at a lower price than them, I'm interested.

Cyan going substantial, plus Capital H's bullish update last month, combined with the fairly low market cap (~$18m) is enough to win me over despite my reservations about the strength of the competition they face in Search Associates.

Stock is still speculative of course, as they have yet to show they can consistently turn a profit / be cashflow positive. But worth a punt given good economics of the business (sticky SaaS software) if they do succeed.