Ann: Investor update, page-14

I note that Mr Glennan holds the post of CTO. However, TNT is not currently acting like a technology company. They have developed no significant monetisable IP, hold zero patents, and have no scalable licensing business. They do have excellent operations and software people. The best you'll find anywhere. They could become a first rate technology company with the right leadership. I fear that the current CEO is probably not going to lead in that direction.

Being a true technology startup in Australia is hard. There is not enough capital. I've seen seed rounds in the US raise more capital than TNT's float. So, even if you have the best people, they get pulled away onto survival tasks rather than building the long term business. This is surmountable, but it takes experienced leadership and an appetite for risk. Would investors be prepared to accept that risk?