Ann: Presentation to AGM, page-17

So, we can agree that management set themselves up to disappoint the market. You can't describe something as a rate and represent it as a rate, using the word rate, and expect people not to be disappointed when your own figures fall drastically below that rate. Clearly the main mistake there was calling it a rate rather than just target for the month/quarter, but they did make that mistake, they did call it a rate rather than a standalone number.

You say you expect around $150M this year. If that's the case, why isn't management being more bold about their FY2023 'ambition'? Organic growth alone of over 40% on $150M would give over $210M, plus acquisitional growth.

I've never said there is no organic growth like you accuse me of, I'm saying there seems to be less than management claims, or at least, there's insufficient evidence to back up the claims of management, and their own figures such as their ambition fall short of their claims and predictions/ambitions.

It's quite comical, you seem to predict (perhaps correctly) that what will transpire is that you will sit there saying how wonderful things are, I will predict the price to go down and it will indeed go down, which you somehow seem to think means I'm doing something wrong and crying wolf, and then I'll buy in saying it will go up, and then it will, and that will again mean I'm doing something wrong. To be clear, I'm not predicting that future, you are, but it seems a bit of a peculiar thing to expect and simultaneously to criticise me about. I don't plan to buy back in, but if it falls in price (you seem to expect that for similar reasons I do - if the market sees things as bad, the price goes down regardless of the reality) and then the figures look good in a way the market will like, sure, I'll quite likely buy in because it will be a scenario in which the price is likely to rise. What on Earth is wrong with that strategy? If you want to park your money somewhere and watch it depreciate and stare at a paper loss, hey, power to you, I suppose. I'd much rather sell out at the waist (unfortunately I missed the shoulder) and buy back in at the ankles or knees rather than hold right down to the toes. Why wouldn't you prefer to do that? What's wrong with it? If you're right I'll change my plan and make more money out of TNT and say 'I told you so' because I did better than you. Wow, touché.