selling stopped, page-33

Para,

IMO PDT has been and still is in essence an independent business unit run by Mark Shwartz in the US. Its continued very good performance provides a source of funding to TZ. I'd suspect that the activities of TZL in Australia hinder rather than enhance PDT's business, in particular by draining capital from it.

I personally judge the performance of TZL's Directors and Executives based on the return to the business of TZ's Intelligent Fastening Technology related business. If one views profits chanelled from PDT's business to TZ as capital to support the IFT aspect of the business, the picture is rather different than if one views the overall group as a monolith.

One of my gripes (there are many) is that the activities of the business units are intermingled in the financial reports. That is one factor that allowed the old Board to get away with so much, for so long.

So whilst the value of TZL as an entity must incorporate the substantial value of PDT, IMO the value-add by TZL's Australian-based Directors and Executives should not include credit from PDT's achievements.

In other words, we should be comparing the value we get from the Directors and Executives relative to TZL's return to shareholders, with PDT's contribution carved out.

It would be interesting to ponder the value of TZL with just PDT in it - ie ditching the IFT part of the business, and its associated ongoing cash drain.