Ann: Notice of General Meeting/Proxy Form, page-27

The problem is that once they go public, the incentives change and unless the company's directors really serious about making it into a success (which takes huge amount of effort) they're happy to just chew through investors' money and pay themselves huge salaries - easy money and no risk.

With ASIC and ASX oblivious to this abuse, management can just sit back and relax.

My guess is that TNT will slowly wither away after few more CRs and bunch of empty promises. Just like many other "tech/junk companies" on ASX. Seen too many of those over the last few years, the scenario is always pretty much the same.