”Your question initially asked about dividends/distributions but...

”Your question initially asked about dividends/distributions but subsequently mentioned the broader concept of returns. For the purposes of this response I will focus on the more specific question of future dividends/distributions. This response covers information and guidance that Senetas has previously provided the market and in no way represents and forecast of when the Board may determine it's is appropriate to recommence dividend payments. This is certainly not the forum for providing market guidance.

As I’m sure you are aware, Senetas has made significant investment over the last 5 years in its (now) majority owned subsidiary company, Votiro. The investment in Votiro is one that we expect will provide significant long term value for Senetas shareholders once Votiro moves through its start up growth phase. In the meantime, despite the Senetas business segment remaining profitable and cash generative, the total Senetas group is not, once Votiro’s losses and cash outflows are consolidated.

Senetas has provided the market with guidance saying that we expect Votiro to reach a cash flow breakeven run-rate by around the middle of the 2024 calendar year subject to Votiro’s sales forecasts being realised as expected. Assuming Votiro’s cash flow target is met, and Senetas remains cash flow positive, and subject to any unforeseen circumstances, we anticipate that the consolidated group could be cash flow positive through the 2025 financial year. We have also previously advised in relation to Votiro that profit tends to lag cash flow a little because the vast majority of its customer contracts are paid up front, so whilst targeting a cash flow positive position for the group from FY2025 might be achievable, profitability for the consolidated group would most likely be a little later.

I hope this information provides a little clarity, but we are not in the position to be able to make specific forecasts about dividends at this point in time. The Votiro business is still in a start up phase and is growing quickly. We anticipate being in a much better position to provide additional clarity after viewing its progress over the next 12-18 months.”

Worth visiting the new investor hub, although I would urge people not to use it to vent frustrations - that’s what hot copper is for!

Anyway this was posted by management recently and I thought worth pasting here