Ann: Change of Director's Interest Notice, page-22

Not sure I fully agree with your premise Sdaji. I concur that the current share price might be broadly consistent with the present fundamentals. But the market is notoriously shortsighted…fundies don’t want to look more than 12 months down the track. And so companies which don’t make much money now, but have the potential to do so some years in the future, can be valued on a basis that takes little or no account of their potential for strong future growth. I suspect that might. E the case with TNT. At any rate, it’s a key thesis of mine for piling in now. The fundies will follow later when they see the money. But we who have no clients to please in the short term, and no windows to dress, can get in earlier at better prices. I do accept that this all assumes TNT will make serious money at some point. But I am fairly confident about that.