Ann: TSI India wins a further 800 ATMs under contract, page-29

For me the value here is when CX Partners/Transaction Solutions decide to sell the ATM and monetize the investment. That could be a little while away but adding 800 machines will add to the long term overall value of the business. 25% ownership of this business could result in a very nice dividend on sale of the ATM business, for example the hypothetical sale of TSIndia ATM business for say $ 100 million would equal TSN getting $25 million not including the extra component that was in the original deal that will see TSN get more if CX gets a higher return. $25 million is more than double the current market cap of the company. A $200 million sale sees TSN get $50 million minimum. Then we get to SALT, for me its not just the ongoing side of running the SALT platform across Asia, Australia and NZ, if as detailed previously by other posters that the deal includes some level of ownership of Salt Technology Inc )the parent company, and it ever lists on the NASDAQ or NYSE then TSN will be able to monetize that investment as well. In the US its not unreasonable that a major mobile payments company could be listed for say 500 million USD. Even a 5% investment holding in Salt under that hypothetical would result in another $25 million USD coming to TSN.

So for me right now this is about growing the ATM business to maximize sale down the track, completing the Salt arrangement and hopefully monetizing that as well. Its all about growth and monetizing the deep value that may exist within the TSN investment portfolio.

Of course this is just my opinion, and I could be wrong, nevertheless good luck to everyone here. Hopefully it comes through for us.