Ann: Tesserent enters into Scheme Implementation Deed with Thales, page-121

great analysis.

wouldn't surprise me at all if some of the execs / owners of businesses acquired by Tesserent are unhappy with 13c per share. as i recall it, many of them took some of the purchase price in TNT shares valued higher than 13c. so they are basically losing money on the deal. query if the executives were properly consulted on the deal.

if i were an owner of one of the businesses acquired by Tesserent, I'd be asking some difficult questions to the Board.

a. how long have they been negotiating a potential sale of the business?
b. how long in discussions with Thales in particular?
c. have they received any other offers, informal or otherwise, for the business recently?
d. why have investor relations been non-existent for the last 12 months?
e. why not wait for the full year results to be released to the market, before agreeing on a sale price? as i understand we were expecting a good last quarter to the financial year