Ann: TSN Acquires 100% of Cybersecurity Specialist, page-104

Hi Dr. Davros,

This business isn't starting from scratch.

This is another good enough reason for me to be invested here.

You only have to work out what this new Cyber business cost TSN. Peanuts.

* Business has been generating an average of $3.3 million per year in revenue (taken as an average over the last 3 years) with the majority of that generated with 12 top tier established repeat clients.

* They've acquired a company at an EBITDA multiple of 3.6x with immediate value accretion for shareholders. Normalised EBITDA of $0.8-1.0m in each of the last three years. Excellent EBITDA margin of 26-28% if you ask me.

The potential value add ons could be significant here.

The market will come to their senses soon enough, then it'll be catchy catchy.

Tony