Ann: Investor Presentation-TCN.AX, page-3

On current valuation, I can't see how it won't work. At $14m, you're getting:
- $3.5m in cash
- ~$1.5m in loans to Statseeker (which is not going bust)


That leaves ~$9m for:
- ERST, which makes $1m in NPAT (even though some profits go toward TCN Corporate)

- 50% of Statseeker, which is growing quite strongly at the moment (HY revenue +15%), and has quite a high margin. I would suggest profits would be much higher in this business. (Also worth mentioning that TCN's partner will be looking to sell off Statseeker in the medium term and shut down that particular fund).

- Urgent, which is currently making a loss and dragging down the group. However, the software was entirely re-written and is moving toward a SaaS type offering (yes, there is execution risk in this)


Even if Urgent was to be shut down, the entire operation still seems very cheap...


I won't go through the entire previous post, because there are many points in it. But I will clarify this:
"In the new TCN' CEO's recent interview he comments Statseeker is SAAS like - however looking at their website they are old school on premise with zero SAAS offering."

Remember, Statseeker looks to monitor your network. If it were strictly a SAAS offering, it would need to be hosted externally and would require IT teams to punch a hole through the various firewalls in order for Statseeker to monitor their network. This would be a massive security oversight...
When they say it's 'SAAS like', I would suggest they've automated the deployment of it, with the ability to monitor someone's Virtual network in a cloud provider if required. (e.g. an automated AWS deployment into someone's Virtual Private Cloud, then monitor the network from within).