Ann: TSN Business Update, page-46

"... then I think it may be relevant where those companies are from, particularly for a company with only $2.5m in the bank, which I don't think is going to stretch that far, do you?"

I'm sorry, but I don't get the relevance of any of those factors.

I did read the update thoroughly, hence my statement/curiosity, as my research has not uncovered a plethora of ASX listed candidates that meet the company's stated criteria. Of course, it may be an unlisted Australian company, that had got to EBITDA positive on the basis of VC or angel investing - but I think that unlikely. Or it may be a non-core part of a larger tech company that is seeking to divest. Improbable, but not impossible. So all things being equal, an Australian company would be nice....but there are far more important criteria IMO.

As for the currency of acquisition, our $2.5m cash is unlikely to be a factor. I would hazard to venture that it is more than likely going to be a significantly dilutive acquisition, given our current market cap. That in itself doesn't bother me as I would be happier with a heavily diluted share of an income generating asset rather than an undiluted owner of a non income generating asset. I don't think I would be alone. Again, I fail to see the relevance of Australian based companies here.

A final thought from me......if an ASX listed company in the fintech space stumbled upon TSi and found it to be an attractive acquisition proposition - and they only have $2.5m in cash and a market cap of (say) $20m - should they stay away as TSi is not ASX listed?

As an investor, I am pleased with the potential turn of events. But it is still very early days in this new journey and every question answered will rightly raise new questions. All to be answered, I hope, in the fullness of time (within reason). The dialogue between management and investors has only just recommenced.

GLTA.