Ann: TSI India Option Agreement & TSN Operations Update, page-107

Morrison has raised the ONLY question that shareholders should be asking here and despite many posts in this thread only one person bothered to address it.

The answer proffered above in my view is insufficient. If TSN thinks it can screw TSI with a hard deal surely a competitor will come in over the top. It's a right of first refusal, not an exclusive right to purchase at any price. There are lots of competitors in TSIs space, they won't miss a bargain if it presents itself.

TSN has taken the view that the option price for TSI was too high. That has to give an insight into what the company thinks it's 25% share is worth.

Disc: bought in at mid 2s after the announcement, sold after the extension in high 1s precisely for the above concerns which became overwhelming for me once the extension was sought.