Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-75

I can’t “explain” it Sdaji. I can only speculate. That’s what we’ve all been doing.
Several posters have offered a variety of possible reasons for the share price decline. It might be (simply) more sellers than buyers, or poor sentiment towards small cap tech stocks, it may have simply run up far too fast (indeed, it surely did, and you yourself called it at the time) and corrected, or it might be disappointment with results and management performance, which seems to be your speculation. Or it quite likely might be a mix of some or all of these, or even other factors.
To me, all of these are rational possibilities. None of us are saying “we know what it is”.
If it IS related to results (and remember, some of us think the results have been quite ok), well, quite honestly, I’m not too fussed at this stage. TNT is a speculative stock. All buyers recognise that its future is somewhat “airy fairy” at this point. We didn’t buy it expecting or even looking for firm financial outcomes in these early years. What we did was look hard at the market cap, weigh that up against the company’s potential, and we then made our call. You have been casting aspersions on those who buy around current levels (as I did). I think such buyers are speculating quite rationally. We fully recognise the nature of the stock, and that we might well lose half or more of our capital. But we also see the potential for a five bagger once it matures. In this long term context, considerations such as has the EBITA of the add ons fully carried over, and what is the precise reason for the share price decline, don’t bother me much. There’s a bigger picture we are trying not to lose sight of.