Ann: Preliminary Final Report-TSN.AX, page-21

Mmm this is nothing to get excited about. I wish i could say different as i have a big holding. Thats right - no cashflow, cash is king!!! A minority stake!! Instos dont like that. The entire market cap of TSN the same as the whole of TSI as valued by their own appointed independant valuers. That in financial terms clearly says TSN is overvalued, no other way to look at it. Burning through a $1m a quarter, negative cashflow, not good! Still no idea what the actual financials numbers are from TSI in terms of dollars earnt, transaction numbers, contracts and worth etc they need to take this over or realise their investment, at the moment TSN is like a toothless tiger. The current share price is based on blue sky. I hope i am wrong and this flies tomorrow.