As things currently stand, it's not a great look, but explains...

As things currently stand, it's not a great look, but explains so much.

For the past year they have been out gunned by the likes of TNT & CyberCX with close to 25 acquisitions between them, whilst VOR continued to talk about a game they could no longer play.

Since the much touted institutional support taking up the options in late 2019 there have been 3 Investor Presentations.

29/11/19, 21/05/20 - Coffee Microcaps & 10/08/20.

During that time Regal has departed (confirmed in February 2020 via the block trade) and who knows where things sit with Bombora, now that GT has departed as a NED. But the SP has been in decline since just prior to GT's departure.

Interestingly we are once again at a SP similar to when Regal & Bombora came on board about a year ago.

The Annual Report showed no Institutional support other than National Nominees with 5.2%. However, they weren't listed as a Sub Holder.

I have no doubt VOR had been looking at acquisitions hence all the investor presentations. Maybe they didn't attract any decent new Institutional support and appear to have lost what support they did have, as the new competition put them to the sword.

I wonder what becomes of the DWX management holdings? They had about 6.4% between them. RT also has a 'voluntary' escrow on his recent share parcel.

Judging by their quotes they all see a better future elsewhere. CyberCX only launched in October 2019 (& TNT commenced their reset late last year). I've got no doubt the deal is done and these guys are ready to transition asap. I wonder if they forced VOR's hand on the review?

Richard Tompkinson, Cloudten MD, called CyberCX the “perfect home” for the company, adding: “CyberCX complements our existing domain expertise and will accelerate our growth prospects. We are proud to join Australia’s leading cyber security services organisation and look forward to continuing to drive outstanding results for our customers.”

Meanwhile Decipher commented that the combined group will present one of the “region’s most capable and compelling identity and access management offerings”.

Looking back, what was particularly interesting was the Business Update on 22/6/20. It has 25 pages devoted to a TSI presentation. On p2 of that update George **riel from Bletchley Park Capital was listed as VOR's investor relations contact.

For now JL still has a gig, as he is the Director on the TSI board.

Over the years, the lack of will power to:

• make this a pure play cyber business (ie sell TSI)
• tidy up the EOFY from March year ends
• change the company's domain from tsnltd.com.au to vortiv.com.au
• JL's email remaining as [email protected]
• update GF's linkedin profile to even mention Vortiv

could be pointers to where the future may lie, or where their heart always remained.

So maybe they want the $25m to have another crack at TSI?

Whilst I look forward to the next update, the 3 and 5 year charts make for sobering reflection.