Griffin - congrats for now on getting your weightings right.I'm...

Griffin - congrats for now on getting your weightings right.

I'm not sure TNT would be too interested in VOR.

First up what would they do with TSI?

Secondly - we don't have any real IP that's reflected in products we own and are available to sell (Higher margins).

Thirdly - our margins aren't that great. They may be improving but they need to continue to do so.

Finally, with TNT's AGM out of the way yesterday, and their stated goal of $100m run rate by December, if there was interest in VOR then you'd expect that VOR's CNs would be converted and/or options would be exercised.

It's possible TNT might be interested in a division - say if they wanted DWX or C10 to fill a gap in their product and/or solution offerings.

If I was TNT and I wanted things from VOR:

• I'd consider buying a division
• I'd poach key staff and/or
• bid competitively on selected Govt contracts to win the business
• Leave them be, acknowledge them as some form of competition but point out what I do better and why I was #1.

Anyway, stranger things have happened and perhaps TNT could be interested, but I doubt it.

I think interest in VOR would come more from Private Equity or somebody bigger vending their IT business into VOR.