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Ann: Proposed Sale of Cybersecurity Business, page-114

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jonkey1995

3,885 Posts.

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23/10/20

11:56

Post #: 48332095
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Originally posted by Lazarus65: ↑

It does appear that C10 & DWX sought the sale, and the only inference I can take from that they felt unfulfilled within the VOR wrapper. Gaz and Jeff may well trumpet that the $25m sale represents a '196% improvement' in value over three years, but unfortunately that value was never transmitted into market value. I suspect largely because of what Gaz and Jeff do not talk about, and what C10&DWX leadership seems to understand, and what many on these boards (as a microcosm of 'the market') have regularly canvassed.....and that is the opportunity cost of the leadership style and shareholder management. The last 12 months have provided the perfect backdrop to aggressively grow our cyber-security dalliance both organically as well as through acquisition. Our scrip has shown signs of wanting to rear up and be a powerful ally in the acquisition stakes, but that opportunity was squandered through inactivity and worse, lack of communication and perceived direction and ambition. Without that opportunity cost at play, the return could and should have been double (at least), IMO. So the '196%' doesn't impress me much.

And this all does not include the biggest opportunity cost, which is the deliberate devaluation of the TSI investment and outlook. While I suspect that TSI is a very different (and better) animal than it was 2-3 years ago (pre-demonetisation) and one with significant credible ambition in the payments world of India....the real truth is that we do not know. VOR management are deliberately negligent (IMO) in keeping shareholders regularly updated, under the excuse of it being a 'non-strategic' investment. With the forced sale of cyber, the absence of a declared alternative investment and the stated desire to return funds to shareholders, our stake in TSI is all that will prop up the rresidual value of VOR....so a full and proper picture of TSI is required prior to EGM to enable shareholders make a proper and informed decision of the mooted offer for our 'strategic' investments and the boards recommended strategy.

Jeff has been consistently unremarkable and unimpressive (to me) from day 1 with the inordinate amount of time he took to get his feet under the table and communicate with the market (who till then were there only for the India opportunities). I grudgingly gave him the benefit of doubt under the presumption that the cyber acquisitions appeared opportunistically astute and the growth trajectories were initially promising. But his persistent inadequacy in keeping the market informed or engaged seemed to reflect a management style that could not meet the needs of DWX and C10 either (so it would seem). I won't delve into his reluctance to but share on market, or to convert his notes or his oppies (even when 'in the money'). Whatever direction shareholders take the company after the EGM, I can't see how Jeff can be even remotely a part of it.

As I have said before, in the absence of a more compelling strategy, I would rather that VOR is used as a vehicle for bringing TSI and its leadership, to the publicly listed capital markets.

All IMO and apologies for the long vent.

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Hi Lazarus65,

no need to answer this, but I trust your view.

If you were cynical and considered the price Bombora paid to get in and their discount acquisition of the Regal hangover, the fixed price range buyback offer seems designed to pay that back, plus a touch of profit, unless they have not sold or don't intend to sell. It was not on the table yesterday, it was a clear market price was stated for the buyback (fact). Today's announcement appears not to be a clarification, it appears a change and something brought it on.

I am not suggesting for one moment that it was designed to garner voting support at the EGM from a large holder, who would have most to lose in an 'illiquid" stock, not that it looks that illiquid over the last trading period, (illiquid and falling sp are 2 separate things IMO).

The falling sp is more a reflection on the situation, rather than an illiquid market.

Cheers

VOR Price at posting: 16.5¢ Sentiment: None Disclosure: Held
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