I agree and would also prefer to remain independent until a BSE...

I agree and would also prefer to remain independent until a BSE listing occurs. However, following on from the Redleaf Report in November 23 (extract produced below), I feel things could move along rather quickly with all options on the table as we potentially have in the short to mid term the following:

1. the White label ATM license and subsequent identified business plan for such
2. Bolt ons acquisitions / New or extended ATM contract wins using funds already raised
3. Solid figures from EOFY (31 March) perhaps beating forecast
4. Dividend payments commencing (payout ratio noted was 30%)
5. Findipay starting to produce a meaningful % to income / EBITDA (last figures suggested approx 10%)
6. Transactional Banking License application
7. BSE listing (mid to longer term)

And Yes … as Big Kev would say … I’m excited …. Piramal as a large shareholder in FND/TSI India is very helpful for all of these ambitions above ….

>…………………… (Redleaf November 23)

”Inorganic growth in the pipeline and the synergies which could be unlocked. To supplement organic growth, management is also actively seeking acquisitions to bolt-on to their existing infrastructure. This represents significant upside to revenue and earnings. For example, management believes if they acquire a business with 8,000 ATMs, they could integrate the acquired ATMs into their existing infrastructure and remove more than 50% of the cost base.

This represents another share price and earnings uplift catalyst if management can make material value accretive acquisitions along the growth journey. “All roads lead to India” – we believe FND could eventually morph into a bank.

FND is transitioning from just a brown label ATM company, which provides ATMs to major banks in India and a digital payments solution, to a full stack basic financial services solutions company, which will integrate the facilitation of physical cash movements via ATMs and digital payments via FindiPay.

Effectively this will see FND become a quasi-banking entity. Whilst investors should be cautious placing too much weight on this optionality at this stage, given the growth runway FND has over the short to medium term, we believe the possibility of FND morphing into a transactional bank is a distinct possibility which management would be fully aware of. In our view, management is strategically going down the path of effectively providing many of the solutions and services a transactional bank provides, with the next step being to tender for a banking license at some stage.”

Cheers Anton