As most know who have been here for a while, I was pretty...

As most know who have been here for a while, I was pretty involved in some conversations last year. I believe in in keeping confidences, but my take is your a bit out on the Trojan/Rocket Science thing.

I don't know who the underwriter has on their books, but I think we may see a change in control after those shares are distributed. Long term ATM's, in a traditional sense, will decline, however there is still significant growth in emerging markets for a bit more the next half decade from research I have read. The question is will the new smart ATM's replace bank branches, what other services can be rolled onto them and will this infrastructure support TSI stated aims of becoming a payments bank.

Alot of pieces will need to fall into place and I agree running brown label ATM's won't get it there. However if this segment provides cash to acquire a white label service, I-Pay growth among merchants expands etc, there is a chance they could get there, with a distribution network at hand. There is also an outside chance of providing a BPO service to other jurisdictions for cash flow purposes and that existed last year as well, but I don't know now.

I, like you might not be around here long enough to see it, as like most who remain I have had enough. So many false starts and silly decisions at the top have taken its toll.

Cheers