Thanks for all those points and I've respected your views over...

Thanks for all those points and I've respected your views over the TSN/VOR journey.

Thanks for clarifying the CR situation and how it works and I'll check it properly when I get the chance.

Yes - last year was a mixed bag with many of the things you touched on causing concern. I believed the UK was a concern (and I'm sure I touched on it last year) and C10 did under perform probably as a consequence. JL went out of his way to protect C10 last year by covering up revenue splits at different times. Anyway, 1 year on and that's now been dealt with (hopefully).

I believed Regal was good for one thing - a pump. Hopefully, some others also saw this opportunity for what it was when the SP doubled last year?

I'm sure we've all seen it a lot in the corporate world - one correct change at the top straightens everybody else out pretty quick smart. That would go along way to getting the job done here. A new chair would be forced to take a fresh look at TSI (whether its good, bad or ugly).

Trust is everything, particularly at this end of the market. Makes you wonder what might happen if we get some good news again?

A strong No vote on #8 (compared to 8&9) would also send a strong message to other board members.

I'm with you guys in trust, spirit and frustration, but the current macro environment is a concern. Hence my caution.

(thanks for posting in the right spirit).