Ann: Annual Report to shareholders, page-29

Yes, Petrj, here's hoping you look like a fool .

Its a complex annual report for many reasons, including the amount of change the company has had within 12 months with so many of the changes and acquisitions adding and taking at different times.

Some obvious negatives, just a few examples of ones not discussed so much earlier:
-The statutory profit and loss on page 46. Loss of $9m before tax, take out major one offs of acquisition($4.9m) and share options ($4.5m), and you basically are somewhere around break even.
-Take the cash and trade receivables and you have $39.7m cash in or coming in. Compare to trade payables and deferred settlements ($28.9 + 11.7 = $40.6m) and you are getting tighter in cash and the recent surprise CR makes more sense for a company that still has the word 'acquisitions' in a number of points in its 'future focus'.
-The comments on page 6 around integration and synergies gives a hint at some of the work to bring all these acquisitions together.
-and some of their decisions were not the best for us 'retail investors' including with further share options below current market so we still get to 'enjoy' the ever increasing SOI and dilution effects.

However, they have a large revenue stream that should support profitability and cash build going forward, they had not maxed out their credit so always had options for short term cash, the capital raise has topped up their cash for the deffered payments amongst other things anyway, the market is competitive but growing strongly with no signs of slowing, they obviously have strong investment support at 21 cents so we have a feeling for the lower limit, and the good parts of the story goes on.

I didn't pick up anything in the report that kills the long term prospect for me (of course, DYOR, forum rules and all).

And the short term investor is likely to continue to see some ups and downs with the way TNT operate and announce things, and short term 'traders' can make either way as long as they get their timing right. And the short term market is highly influenced by sentiment which is why accurate prediction involves more than just calculators and graphs and cups with handles.

So either way, this remains an interesting stock both in the short term and long term, but I'm sure the ongoing mixture of 'yells of joy' and 'cry's of pain' will continue for a little while yet. Keep them going, they make fun reading in the market quite times...