Ann: Full Year Results Investor Presentation, page-23

Hi all

Once again i think the update shows us Votiro is one track and encryption business ill eventually return with a bang

The key numbers of note is contract value vs ARR. this number reflects that some clients pay upfront, and this is important because Votiro is likely to be operational break even before its break even from a ARR point of view. To highlight lets say we are 2 m short annualised from break even . If in Oct a large customer pays 3 years upfront at 2.1 m then Votiro reaches break even early and has 12 months to grow the business until next renewal.

the other part missed is Sen has significant value in the loan to Votiro which has the optionality of being converted to shares in the future or simply paid back to top up cash

I think the path to operational break even is easier than people think and thus further future funding not an issue

This is truly a growth business and will one day be valued us such. its also the kind of business that a big player may try and acquire out of the blue

There is a lot of value here guys and these prices i think will prove to be the bottom for Sen LT. We are not there yet but we are certainly well on track and the higher ARR , wins soon to be locked in by Sept, and current pipeline with numerous big contracts at various stages suggests we will be getting there soon. Let's not forget we are here without the US defence contract locked in and it has not bene lost and still pending. Moving this solution to Europe and middle east will also open up many more opportunities