* TSN at that time owned 100% of the business.
* TSN had achieved gross revenues of A$674,000 for the month of October.
* Share price at the time was around $0.038c.
* They had a market cap back then of approx $45M.
* 9 million plus transactions were going through the business per quarter = $36m transactions per year
* They had about 350 installed ATMs in India.
* The company had no debt.
* And as of the 30/09/10 they had cash of A$4.5m.
Fast forward to 2015....
* CX Partners own 75% of TSI India
* TSN now has a 25% equity interest in TSI India's business.
* CX Partners are funding the entire ATM/Bill Payment business as a result of the approx 75%/25% deal.
* TSI India had achieved gross recurring revenues of A$4M for the quarter (as of 15/05/15).
* Share price today sits around $0.006c.
* We have a market cap today of approx $8.9M
* As per announcement dated 15/05/15 TSI India highlighted that they're rapidly approaching 100 million transactions per year.
* As per announcement dated 31/03/15 the company highlighted that TSI India had 1825 installed & operating ATMs in India with 475 ATMs to still come online to equal 2300 ATMs in total.
* TSI India now have 400 Bill Payment machines in India.
* TSN has no debt.
* And as of the 30/07/15 they had cash of A$2.012M.
Please pick me up on anything I may have overlooked or left out.
All my opinion, but without CX Partners, TSN would not have been able to grow the business at the rate seen at present on their own. Now... what's that other Aussie ATM company trading at now?
My fair valuation still remains at 8c to 10c today as we stand right now with our equity interest in TSI India. Throw in anything that could potentially come from TSN and that value increases.
