Ann: Change of Director's Interest Notice, page-7

At the moment the average daily volume traded is 2.3M shares. By my calculation, that's only 0.02% of shares on issue.

So only 2 shares in 10,000 are being traded daily*. The other 9,998 shares in 10,000 are being held. That means a lot of shareholders are sitting still. To me, that's very significant.

To reference the point you have made about the share market not showing TNT any love, I'm not saying all shareholders are in love with the share price - I'm just suggesting that a lot of shareholders continue to hold rather than sell even at the recent low prices.

And as I've said before, the 0.02% of shares being traded daily are able to significantly sway the share price. At the moment.

I'm waiting for the annual results announcement before making my next move - that's when we'll see a lot more of the 9,998 shares in 10,000 passing judgement based on actual results.

* By the way, that's still only 2 x 24 = 48 in 10,000 every month, and 2 x 24 x 3 = 144 in 10,000 every quarter (though there will be a lot more traded at the next announcement IMO)