Ann: Half Yearly Report and Accounts, page-12

Get what your saying and you may be right. However, It all depends on how you want to view things.
Personally I like to keep an open on what's transpired, and what the possibilities are going forward.
As an example as per your first point regarding the perception that this Management can't close a deal in acquiring a new cyber asset.
One, they were / are after a specific asset, with a focus on providing services to predominately a government & enterprise client base.
Two, they are competing for the same assets as the bigger players ie. Cyber CX, TNT, etc, who are throwing bigger and bigger money at these private players. On top of that, the private players are in the box seat, as they know the demand is there, and they now want the big bucks. The days of picking up the likes of C10 & DWX for a few Mill are long gone.

At the end of the day, GF doesn't want to pay over the odds for a top tier asset.
Could he target those next level tier assets a rung or 2 lower down the food chain, and diversify, integrate, develop and grow at a significantly cheaper cost if he wants to stay in this game?

I think there are still a number of options beyond that.

As for TSI India, I get why the long termers would like to see something happen, but I don't think he'll go there, but, clearly there are options here as well.

GF still keeping the cards close to his chest, and the numbers are looking fairly sweet.

Who knows..