Ann: Full Year Statutory Accounts, page-3

Like Manna from Heaven - I received the following response from Tesserent Chairman Russell Yardley in response to an email querying the business strategy......


"International deals are not off the table they are in place with our UK agent Redscan and other agents in Korea, Malaysia etc. This has all been previously announced. Kurt’s focus was Australia and the sales team he recruited was solely directed to The Australian market ie no international travel incurred for international expansion etc.

Please see market announcements previously made on Cyberbiz the focus has been on Telstra Shops and other Australian channels. Other competitors have spent millions of dollars chasing international markets with disasterous results see Covata. You may like to check out their news announcements on the ASX.

I hope this helps explain the boards previously announced and carefully considered strategy to focus TNT’s very limited resources on our domestic market. We are a small company (see our most recent announced results) with revenues of just over $5m with sufficient but limited cash and cashflow. The best way for us to grow the share price is to grow the company profitably.

I hope this helps explain (within the tight rules of being a public company) the board’s position. I am a stickler for good governance and hold myself, the board and the executive to a high standard to protect our many IPO shareholders and to act in the best interests of ALL the shareholders and make sure all our decisions are taken in the best interests of the whole company."


Hats off to Russell Yardley......he may be erudite and cultured but he is clearly very intelligent and looking out for the interests of ALL shareholders of Tesserent.  

This sort of short, direct response is what Tesserent should be putting in future investor updates - in 3 paragraphs Russell has concisely explained where the Board's thinking is at in terms of growing Tesserent.  As a shareholder, that is like gold after 18 months of various investor updates which have been given a "marketing" gloss.  I was thinking Tesserent might be looking at future acquisitions or international expansion based on some of Keith's Youtube interviews and the Gordon Capital research reports - Russell has explained the focus is the domestic Australian market.  Sensibly, Tesserent are aware of the disaster that was Covata and are looking to avoid some of Covata's mistakes.

On behalf of all retail shareholders - thanks again Russell for your clear and concise response - much appreciated.  

(I haven't sought Russell Yardley's permission to reproduce his response, but hopefully he doesn't mind as it is gold.)