Ann: Results of capital raising and Share Purchase Plan, page-27

2 things:

1. It looked certain Tesserent would be cash flow positive last quarter. They were not. And the timing was bad because an investor roadshow occurred right after last quarter.

2. The IPO at 20c was over subscribed. 2 years later a capital raising at 7 c was under subscribed.

Still think Tesserent will get there eventually.

But if you remember the “quality” and “experience” of the Tesserent Board was sold to investors at the IPO as a big plus. Expected the Tesserent business and its growth strategy to run like a Swiss watch - hasn’t happened.