december report opinions, page-4

Hi Grant,

I agree it would seem appropriate that the company explain just what such a large payment (relative to TMS) actually was for though I went with the more obvious presumption upon seeing the payment that it was, in fact, accrued staff entitlements most likely.

If it were that the amount related to the outstanding rental then the TMS amanagement could well be criticised as having mislead the market in its statement that the exhibitors would pick up all existing liabilities of the Val Morgan business. Reasonably they could say this did not include staff employment liabilities accrued over many years.

Anyway, wishful thinking perhaps but justified of clarification by the company.

The announcement has met with limited interest on an otherwise poor day..