Guys For a bit of background in TCCC. At one time they had no...

Guys

For a bit of background in TCCC. At one time they had no financial interest in AMATIL (as it was then) and British American Tobacco (BAT) were the major shareholder. In fact they (TCCC) wholly own CCE which is the manufacturer for mainland USA. That was about it. They bought BAT's share some time back and to be quite frank has tended to work against the franchisees. But that I mean TCCC's biggest income is from selling concentrate which is manufactured at various locations around the world. That is sold to the franchisees where they manufacture, sell and distribute at their own cost. Marketing is about the only thing that is subsidised. So in summary, TCCC is about increasing volume for it concentrates. If the franchisees don't make a lot of money (and a lot don't), it's not as big an impact on TCCC as a loss of concentrate sales, but I am quite surprise at the Indonesian investment and as I said before, there will be some surprises coming up.

So far as AW is concerned, she doesn't have a huge track record but maybe that's a good thing. She's rattled a few cages and few have had a dummy spit and left and in my opinion some deserved it. My biggest concern is replacing Nessa O'Sullivan and I'm not sure about the reasoning she left. She did a great job with Terry Davis but maybe she also had her eye on the top job. I came very close to bailing when I read the news but the market didn't reflect any concern so I'll stay a bit longer.

Cheers