Ann: Half Yearly Report and Accounts, page-20

Hi Doc,

I was with TSN/VOR for the same reason as you and many others - TSI. I completely got the demonitization thing and was willing to give VOR time to get back on it's feet. I do keep an eye on things here just in case VOR return to the TSI strategy. If it does get interesting with them again then I may opt back in but, like you point out, it would have to be under a new, VOR management team.

In contrast, studying the WBT board and looking at their individual successes, is like a breath of fresh air. They've all either steered companies to become international prodigies, Intel for example, or sold companies they've started for billions. I watch podcasts given by the CEO and directors not just for business updates but because I love listening to the enthusiasm they have for their business. They give timelines for technological progress, meet them, and keep investors updated with strategies moving forward. Like all start ups they have the potential to fail but their energy is focused and it has momentum.

On the VOR side I have no idea what Gary or Jeff do all day, where their going with their strategies and I feel zero energy coming from head office. When I think of Gary I can only ever imagine him lying in a deckchair sipping cocktails at my expense. Of course I may be wrong about what Gary does but when there's no information or direction, investors are eventually going to think the worse.

Good luck to TSI. I will like to see them succeed and if the situation with them becomes clear, I would certainly think about investing again.

Good luck with your patience Doc