Ann: Results of capital raising and Share Purchase Plan, page-21

I still believe TNT stock is cheap at these levels.

But the reality is that IPO holders who bought in at 20c have been sitting on significant losses for over 2 years. And there is no end in sight - 20c per share looks like Mt Everest from here.

Given the dismal share price over the last 2 years, I think investors are entitled to express some negativity and frustration. Tesserent was sold as a growth story during the IPO. Investors are entitled to expect growth, even significant growth.

The growth strategy from Tesserent also appears to have changed over time.

A strategy targeting small to medium businesss was not mentioned in the prospectus from what I recall - which is fine - that growth strategy was developed later on, along with Cyberbiz. In an interview not long after the IPO Keith Glennan suggested that acquisitions were part of the plan for growth. Since the blue reef acquisition we have had no mention of acquisitions. Kurt Hansen had his own views about growing the business - he is no longer at Tesserent - so I take it his views were not shared by Keith Glennan or the then Board.

I just think investors are wondering if management will be able to scale the Tesserent business to a significant level - whether that be through Cyberbiz or any other strategy.

Tesserent say Cyberbiz is a great and unique product because the market has long ignored SMB businesses from a cyber security perspective. To play Devils Advocate - maybe the SMB market was ignored for good reason by Tesserents competitors - for example maybe it is difficult to sell cyber security products to them. Did Tesserent have good reason to believe SMBs would be an easy sell for $200 and upwards per month for managed security, when they developed Cyberbiz? Does the average SMB even understand the difference between managed security and DIY products - or care?

We have had pretty much dead silence re a detailed update / updates on Cyberbiz sales - which suggests uptake has been slow.

With all that said, I plan to buy as much TNT stock at 7c per my entitlement. Despite some road bumps, I believe Tesserent which eventually get it right and scale the business significantly - with the share price to follow. Might take another 2-3 years but I believe it will get there.