Ann: TSN Business Update, page-34

Think that's a valid point you make Axman and I believe that's exactly what TSN is doing, especially after reading this latest update.

When TSN decided not to go ahead with the buyback of TSI, I believe this could have happened for a number of reasons. 1) Perhaps it had something to do with the involvement of Cadmon, 2) TSN didn't see sufficient value in TSI at the time or 3) they want to keep the funds for something even more profitable than TSI. Maybe a combination of the 3.

If your a provider of a service; such as a wallet service, branchless bank etc., the laws of Interoperability - under constant review by the RBI and government - demand that the service provider have sufficient funds to guarantee any monies in transit. I believe that if TSN, or anyone they decide to partner with, want to start providing these services, then they'll need to have a decent bankroll behind them. TSN might be saving available funds for this.

Who really knows what's going to happen but I'm happy TSI are no longer TSN's sole focus. Tony has me sold on Corporate Venturing.

Btw, if you're reading this Bocas and you research Cadmon, will be way interested in what you find.

Cheers

Rhama