Ann: Appendix 4C - quarterly, page-100

WHK reported revenue of only $340k this last quarter with negative cash flow.
They fail TNT's stated aim to acquire companies that are cash flow positive. I don't
see this tiny revenue being of much help to TNT's balance sheet. If TNT
stuck to their rule to offer ~5x EBITDA for a company, WHK would have to
pay TNT to acquire them ! Same thing would apply if TNT were to acquire AR9,
they operate at a loss !

All IMHO, DYOR