Ann: Investor Presentation FY2022, page-23

You know mate, you say a lot of interesting things and I generally try to read what you write when it’s not absurdly long/repetitive.

However I think you are really stretching to find this a bad report. Will the price go up - no I don’t think by much - I have been saying for a long time that it’s going to need at least a year of positive npat before the analysts start paying notice. For someone like you that won’t cut it and that’s fine.

however from my point if view it’s a terrific report. What I was hoping for was for Tesserent to get close to positive NPAT after backing out the refinancing costs. With one off costs of 11 million relating to the refinancing, I have no doubt now that 2023 will see Tesserent deliver a full year positive NPAT.

you keep banging on about the next 3 quarters being bad and yes we know that seasonality means that they will not be within cooee of the Q4 result. However there is a reason why PCP is used - to allow investors to eliminate the seasonality noise. I feel very confident that on a PCP basis, Tesserent will show good results for each of the coming quarters.

You absolutely can be right about the price dropping - we are heading into an unknown macro environment and TNT is no longer a darling of the Reddit crowd who don’t understand anything and piled into Tesserent because security was the flavour of the month. Long term though this company has not put a foot wrong and is executing brilliantly. Now I need to stop there, before I have a longer post than one of yours!