Ann: Full Year Statutory Accounts, page-2

Points of interest to me from the 'Letter to Shareholders' (emphasis is mine):

• Given the new managed services capability, TSI India placed a stronger emphasis on developing inhouse I.P. for services such as electronic surveillance that would replace physical guards, electronic payment applications for existing and potential clients, and power management technologies that would reduce the cost of ATM infrastructure in India. During the year, successful trials took place and it is anticipated that these areas will show significant growth in the coming year, with many banks and utilities comfortable with the success of these programs.

• .... it is the belief of both TSN and the team in India that TSI India remains well positioned to realise potentially strong and consistent growth.

• The new financial year has brought stabilisation to monetary policy and TSN remains interested to review the opportunity to purchase the remaining 75.11% of TSI India, but shall evaluate on a month by month basis to ensure that TSN shareholders can complete a value accretive deal.

• Since his appointment, Mr Lai has identified several key areas for new opportunities for TSN, and TSN remains very focused on securing deals that will enhance shareholder value.

• It is anticipated that the Board will expand on its current skill sets with potential new appointments as it secures new opportunities outside of its 24.89% equity holding in TSI India.

• TSN is now evaluating a selected number of new opportunities in large growth sectors that would be expected to add significant value to the Company. TSN is ideally placed to develop potential new revenue streams through smart solutions that can be provided to the targeted Asian region.

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The 'Letter' has given me a slight tinge of warmth, but as ever it is time for the 'rubber to hit the road' and for TSN to commence to crystallise some of the blue sky opportunities.  IMO.

GLTA.