Although many have been burnt via their personal investments in...

Although many have been burnt via their personal investments in Senetas, I find it amazing that the same people are willing to turn their backs on the present opportunity. It is almost paradoxical that many are willing to violate the combined Senetas + Votiro investment theses that are apparent for all to see. I can only compare it to finding a treasure map, spending countless amounts of time, and sacks of money over many years searching for the treasure chest, finding the treasure chest, then turning your back on the chest once you've found it instead of opening the chest to potentially find GOLD worth multiples of the money you've outlayed trying to find it.

Personally, I've held Senetas shares since mid-2020 and have only realised losses from my holdings in this company (yes, I crystalised losses several times over the past 3.5 years). I have tracked the core encryption business with a keen eye, however, over the past 12 months I have paid closer attention to Votiro for multiple reasons, one being the competitiveness of the product offering and the proven success rate that comes with it and another reason being the near-term prospect of Votiro becoming self-funded and reaching the long awaited milestone of CF breakeven and the profitability that would hopefully come thereafter. In light of this situation, I have continued to average down and find myself holding more shares now at a SP of 1.4c than ever before. Yes, I participated in the placement.

I wanted to note figures that illustrate how the Votiro stepped change in revenue is being overlooked by many.

Votiro Sales Pipeline:
Jan 2023: "Strong Sales Pipeline in excess of US$25million"
Nov 2023: "Current sales pipeline approximately US$43million"

Votiro Revenue:
FY20: 2.8m aud
FY21: 3.2m aud
FY22: 5.8m aud
FY23: $7.7m aud

Votiro ARR (Annual Recurring Revenue):
FY21: US$2.4million
August 2022: US$4.4million
Sept 2023: US$7.2million
End of CY2023 (anticipated): US$10million

Do we notice the trend in the above figures?

Votiro efficacy for end users: 100% efficacy
Votiro customer renewal rate: >90%

I believe in the Votiro story and I think Votiro presents deep, deep value for Senetas. I am of the belief that we are a handful of months away from the inflection point that will underpin a re-rate in the Senetas SP . To paraphrase Francis Galbally, the Chairman, who said in the AGM on Thursday, "the market is ignoring the value to Senetas that the investment in Votiro brings with it".

So, whilst I attempt to sympathise with investors who have been smoked by their Senetas investment, I will not empathise with those who had the opportunity to buy a well capitalised Senetas business at an Enterprise Value of just $13m, which holds a circa 60% interest in a Votiro business with a growing customer base expanding across all corners of the globe underpinned by the current and forecasted figures outlined above.