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<p><em>Feb 8, 2022</em></p>
<p><strong>Jayex Technology Ltd (JTL.AX)</strong></p>
<p>This was a speculative position based on combination of three factors: low price, veteran leader and cannabis tailwind. At the time of my investment there was a pending cannabis license approval in New Zealand. I thought that after the approval we will see a burst in a share price. After getting the so long-desired approval JTL decided to sell its license which contradicted all the enthusiasm that had been expressed by them prior to the approval. Then they do a capital raise at extremely beaten down prices to finance a 14% investment in a pre-IPO startup BrainWorks foundry which by it looks is trying to be a YC of AI. Michael Boyd, company’s largest shareholder and executive chairman, a person to be at the very foundation of such giants like Sonic Healthcare and Iridium Satellite was a big part of an investment thesis. So far, the actions taken by JTL were all over the place and I am emotionally tired of this investment.</p>
<p> </p>
<p>The stock is extremely illiquid and I am sitting at a decent loss. The selling decision will move the price even lower which will result in an even larger loss. This could be a wishful thinking bias at its splendor but I still have hope for this to turn around. I am giving the company time until the next AGM which will be held end of May.</p>
<p> </p>
<p><strong>Rightcrowd Ltd (RCW.AX)</strong></p>
<p>All the metrics in this company are going in the right direction except the share price. I think the price I paid for this company was a little too high, hence sitting at a loss so far. Market cap is $50 million, revenue target for FY2022 is $20 million, and the underlying ARR is growing rapidly. RCW has a strong balance sheet, vested founder CEO and a world-class product offering. I think it is unwise to sell at the moment. Additionally, company is expecting a strong H2 when supposedly big wins should materialize. I am convinced this company will do well within 2 to 3 years from these levels. The only consideration here is the opportunity cost. I am keeping the position and will monitor the results closely.</p>
<p> </p>
<p><strong>OneSoft Solutions (OSS.V)</strong></p>
<p>Continue to hold. I am a big believer and fan of this company. It has been pretty quiet with no major contract wins lately though. I look forward to seeing the annual update in March. This is the year when company’s first contracts will expire. It will be interesting to see whether management will be able to bring the prices from “please try us, we are good” to the normalized established figures.</p>
<p> </p>
<p><strong>Terracom Ltd (TER.AX)</strong></p>
<p>Continue to hold. This was a small investment because I wanted to learn more about the industry. I knew nothing about mines and how they operate before. It was fun to take this crash course on mining, coal, energy, shipping, and meaning of leverage. As far as TER goes, they would have probably drowned under the water if not for the surge of coal prices last year. They’ve already paid off a decent chunk of the unappealing debt which was (and still is) a hanging cloud above the company’s head for so long and turned the investors off. Nothing is guaranteed but there is a good chance that TER will keep repaying large portions of debt by taking advantage of the current coal prices and will soon be able to go through refinancing. Company could easily grow in value by 50% if this happens by the end of the year.</p>
<p> </p>
<p><strong>Altigen Communications (ATGN)</strong></p>
<p>Continue to hold. Thoughts shared in a separate post. </p>
<p> </p>
<p><strong>Beam Communications Ltd (BCC.AX)</strong></p>
<p>Continue to hold. Thoughts shared in a separate post. </p>
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