Ann: Completes placement to raise $25m, page-3

Its out. Not 100% what i was expecting but I do love this comment on "focus on the federal govt market"

Julian Challingsworth, TNT’s Co-CEO, commented; “we are pleased at the success of this equity raising
to support the enhancement of our core capabilities and operational footprint in strategic high growth
locations with a focus on the federal government market. We are grateful to welcome new strong
institutional shareholders to the TNT register and we thank existing institutional shareholders for their
support. We thank all of our new and existing shareholders for the high level of conviction in our strategy,
management team and all of the people driving our business forward.”
Tesserent will use the net proceeds from the Placement to fund strategic acquisitions and deferred
acquisition payments comprising:
● Approximately $6m relating to the upfront cash component of consideration for Loop Secure (~6x
EV/EBITDA);
● Approximately $5m relating to the deferred cash consideration component and earn-out component
for Airloom (implied earnout multiple at 2x incremental EBITDA);
● Approximately $11m relating to first half of the 40% cash consideration of strategic acquisitions
under the acquisition strategy previously disclosed to the market (~4.5-~6x EV/EBITDA); and
● Approximately $3m relating to planned investments executed through Tesserent Innovation, and
transaction and capital raise costs.
Importantly, none of the cash raised is required for operational cash flow as the business has been
generating positive operational cash flows since January 2021.