Ann: Spirit secures $5million investment in Convertible Notes, page-19

That’s interesting. Yes, Spirit did look cheap to me (still does) and the board recently commented to that effect as well. And when a small company is cheap, a take-over is always a possibility. Of course, we ex-TNT folks are a little sensitive to the idea of a company being taken out of our hands before being given a chance to mature at the moment, but that’s another story.

Ideally ST1 will improve its business performance, ride the cyber wave, and only then get taken over later. We are all speculating that, at least partially, these events will transpire. The first thing I want to see is Julian announcing “business performance is lifting, profit is growing and demand for our cyber services is noticeably higher”. I’m not too keen on being taken over before that.