Ann: Acquires iQ3, page-78

Brentman - I essentially agree with you, however, surely TNT management have already
demonstrated that they can extract the added value from acquisitions on the basis of
what was happened after Rivium, Pure and North came on board last year. By the
end of FY20, we saw TNT meet all their targets ($40M+ annualised revenue,
profitablity etc.) that they set for the company at the end of 2019. The market and investors
have now given those acquisitions, and they way they have been integrated and managed since then,
a big tick of approval. Geoff Lord also has considerable experience in how to successfully
execute M&A's from his previous role with UXC.

It seems to me that we are due a kick-up in the SP since we have not had a net change
from the ~22.5c level since COB on the 24 Aug. Although that was only a month ago,
since then, we've acquired Airloom, Ludus, and now iQ3, and achieved the $100M+
annualised revenue rate. These announcements couldn't have been "burned" into the SP
on 24 Aug because the market didn't know any specific details relating to the size
or value of the acquisitions.

All IMHO, DYOR