30 August Timeline, page-76

CX exit deals, to date, have found their way to the Indian press. If CX gets a great result they will want the world to know. It is about being able to raise funds for the 2nd and future down the track. Your track record counts in the PE market. Even CX's first exit at a loss was reported (they have done heaps better since then).

I already said CX will do what is right by them first. They owe it their investors. Third party deal will likely see us taken out. Would have to be one compelling reason to stay, even if possible.

When CX came in, the announcement alluded to clauses that protect minority interest in TSI. How good they are is anybody's guess.

31 August may come and go, but the CX manadate will require any exit sooner rather than later. It is how PE works, the funds have a use by date.

Cheers