Ann: NON-RENOUNCEABLE RIGHTS OFFER AND INSTITUTIONAL PLACEMENT, page-10

I wish Senetas would spell in cleartext what's the ARR number to be achieved for Votiro to break even.... End of FY23 Votiro had a loss of $AU 17M with ARR of $AU 7M. Does this mean that to break even we need an ARR of approx. 17+7= 24M$ AU? I assume this number will go up to cater for inflation, etc...

If by end of December Votiro actually reaches 10M$US ARR target (= 15M$ AU) this would mean that reaching 24M$ AU by end of FY24 sounds somewhat realistic, provided costs on Votiro's side aren't raising substantially.

Does the above back of the envelope calculation make sense or am I completely off track?

I take the 5M$ AU are there get Votiro over this last stretch, and in theory no more raises should be required. I'd also be curious to understand whether the other Votiro stakeholders are providing financing, or whether it's only Senetas stumping up the $$$$. I don't think this was mentioned in the CR presentation....