Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-33

Yes I see one of the GSIs or another large Tech player, I think if the consolidation and operations gets going with some nice organic growth and a breather on Acquisitions I think 1-2 years of proven performance will see a lot better valuation as well. But I think a Fuj, NTT or someone like that would look at TNT and think it looks really good.

To me I still see you as a portfolio play and hence a lower multiple, but when you change that and prove the growth and operations ! exciting ! best of luck love to see TNT as an Aussie power house.