Ann: Change in substantial holding, page-11

Good research; thanks for posting this T8.


I think APSEC have swallowed the NOR AI pitch without chewing and are making it out to be far more advanced/sophisticated than it actually is, imo.

And their Business Case is very rudimentary. It is straight out of the "chopsticks to China" playbook: large Total Addressable Market (TAM), capture 1%, charge USD5/month. Then grow to capture 3%. lol.

https://apsec.com.au/wp-content/uploads/2023/12/APAEF_202311.pdf

And yet, we have the actual figures from Spark. It was shared revenue and tracking downloads of $50-100k/week as per NOR guidance. And then it didn't. And then the shared business model failed. And then the app was a freebie and then NOR get paid a maintenance fee which is a fraction of the figures bandied about in the guidance.

But as always with NOR... this time is different. And to think Apsec manage other people's money with analysis such as that. So how is the fund doing? Only down 1.7% pa compared to the benchmark over the last 5 years. But they do get paid a management fee etc. So there is that.

All imo