It does have a very long history and lots of moving parts! the...

It does have a very long history and lots of moving parts!

the Senetas management is not the best. The CEO seems an excellent technical person but not the guy to drive the business.

You might ask why I remain in? It really comes down to a software business called Votiro that they have a 60% interest in. It has its own management and apart from a seat on the board and providing funds Senetas has minimal involvement in Votiro.

the core Senetas business is hardware specifically a range of encryptors. That part of the business is profitable but Votiro drags them down to a hefty loss.

there is no debt - Senetas prefers to raise capital, rather than taking on debt.

If Votiro was a stand alone business I think there would be a lot more enthusiasm and a decent price, but the baggage that Senetas adds and a history of disappointing investors drags the price down.

this is an interesting time, as the recent capital raise should be enough to fund Votiro to cash flow break even - predicted for July 2024.

it’s one for patient investors, as fy25/26 is likely to be the years when the whole business hits a positive npat again. February and August will be interesting to see if the direction is positive. We really need to see an increasing ARR and decreasing loss.

You have done well with Spirit - looks like Shan Kanji is building up a stake - takeover eventually by Atturra?