Ann: Change in substantial holding, page-2

Some large volume today. Hopefully the last of the selling by option holders wanting to make quick profit.

TNT cashed up and with a strategy. Hoping the next 4C shows some solid growth and cost cutting.

Acquisition strategy will inevitably involve some sunk costs on lawyers / accountants etc. as part of due diligence. Luckily these are one-off type costs. Important to acquire businesses that are profitable, and therefore earnings accretive.

TNT has hopefully learnt from the Asta situation re its acquisition strategy. Only announce to the market once the deal is done and dusted!!!!!!!!