TNT Chart, page-3157

I take it you're referring to this paragraph in the announcement from April 30:

"Completion of Secure Logic Acquisition Tesserent is pleased to announce the completion of the acquisition of Managed Security Services Provider, Secure Logic (as of 19 April 2021). This sees the addition of the firm’s $9M turnover run rate and $4.2M in earnings (recognised from 19 April 2021), as well as bolstering TNT’s State government capabilities and cementing its ambition of achieving a $150M run rate this financial year."

Please correct me if I'm wrong, but the $9M from Secure Logic would be insufficient to tip us over the line, and we'd still be falling almost $10M short, which we'd be unlikely to make through organic growth alone (though I'd be thrilled to see that happen). My interpretation of that statement was that it 'cemented the ambition as comfortably achievable by the target date ' rather than it being sufficient to have already pushed us over the line as of April 30. Various things make me see it that way, including my understanding of the balance sheet and my (perhaps incorrect) assumption that if we did indeed cross the $150M RRR line, they'd have made a bigger, clearer noise about it. I think there was also an interview earlier this month (after this announcement from the end of April) where a director referred to the target as a target to be met shortly rather than a goal already achieved (I don't specifically recall which director or where it was, so don't quote me on that), but I'd be happy to be wrong about all of this.

By my very rough calculations, after the above deal, we'll need to increase by around $10M RRR (almost $1M/month) to meet the target, whether it's organic or acquisitional growth or a combination.

Keen to hear anyone else's input as I'm definitely not sure about the exact figures as of the current time, and it's entirely possible I've missed something.