Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-66

well I don’t know anymore than you really about their internal figures. However I do know that companies always dress up their businesses for sale. It is what makes acquisitions so risky.

you can do all the due diligence you like, but still find you don’t get the ebitda you theoretically buy. A case in point was when a PE mob (Crescent), bought Cardno - they really got their fingers burnt. They went back and restated 2 years worth of accounts and then spent years turning the company profitable again.

so I would imagine there would have been some problems for TNT among what they bought and different amounts of EBITDA actually delivered. So their statements of organic growth would be true but the base they are growing them from different to what was in the announcements.

Given we don’t have the ability to go in and check their accounting, you have to take what they say as true.

if I thought I couldn’t trust what management tells me it would be a trigger to sell. It really is impossible as an outsider to do anything else.