Media, page-57

I dislike why management hide behind the asx when nothing big is happening.

There is no way a high 6-7 fig deal cannot be announced as an unnamed deal.

Take DRO for example. Everyone is familiar with them now but for the last couple of years they have been listing deals with a 'global defence entity'. There is no obligation there to disclose who it is.

The reality is there have been no big deals. There are probably some smaller deals here and there but they aren't gonna cause a rerate. Also using a borrowing facility to make the numbers look better is not the solution either.

POC don't always translate to $$ and that has previously been seen. What have they actually done with Thales, Raytheon etc. Fujitsu seems to be the most promising partnership to date but they aren't even listed on the companies website nor is there any reference from Fujitsu about archtis online.

I still think we are undervalued and 'cheap' but the team are at risk of squandering their first mover advantage. We really need to see some big deals this year otherwise I'm not certain this will survive in the longer term - probably scooped up for cents on the dollar like all the other micro / small cap cyber plays.