Update for investors by TNT. A very ambitious $150M turnover target might require further acquisitions. However, the share price has suffered - perhaps due to fund managers taking profits (there might be more of it near the EOFY) or perhaps due to some investors' fears that the mergers have left company exposed to weakness. This update shows that there is less to worry and the turnover from loss to profit is pretty much on track - see attached chart and full report can be found here: https://www.tesserent.com/site/showdownloaddoc.aspx?AnnounceGuid=7dd125d8-e875-4994-aff4-2f864e1ad447

Disclosure: Holding and accumulating

I am not sure how to value the company. However, I can say it is worth a lot more than the market is valuing it at now; because not many people understand the acquisition strategy they are implementing.

When I invested some time ago I noticed Geoff Lord has taken over the board. He has a reputation and history of good management. He also knows tech companies and made me money previously with UXC. I anticipated the same - good management, investment in technologies, building up the brand and then selling to a large cap at a big premium.

However, things are different - the company has accumulated cash from investors and started taking over other companies in the cybersecurity area. They use a combination of cash and scrip, but the cash is at the minimum. The effect is that the company is growing hugely and the size and potential is not reflected in the price! They have absorbed several businesses with essential contracts with the Federal government, yet spent very little money. In a few years this will materialise in revenues and profits.

I would not actually dare to put on a valuation, and most likely a professional in the area of company valuations and M&A would also find it challenging...