Ann: Acquires security advisory and Splunk consultancy business, page-37

OK, fInally I understand. You disagree with the strategy and therefore you refuse to aknowledge any success achieved under the strategy. The main reason you feel this way is because the company's current business is not profitable and you believe this needs to be fixed organically before it contemplates acquistions.

As a shareholder I completely disagree with your view on this. The company has CLEARLY flagged its intentions to grow through acquisition whilst simultaneously improving its current security business.

The company has just announced its FIRST acquisition of a pure play securIty busIness delivering $1m EBITDA to the group and that shareholders should expect more acquisitions to come. You've made it clear to this forum how disappointed you are with this acquisition and the company's strategy.

Speaking as a shareholder, if you are honestly disappoInted by this, then i sincerely look forward to you being extremely disappointed many times over during the coming months. Another ten acquisitions like this and TNT can look forward to a $100m market cap based on a conservative rating of 10 x EBITDA.

This is exactly what Geoff Lord did with UXC...replicate it with TNT and I'll be a VERY happy shareholder.