half yearly report, page-2

Surely it will take a skilled spin-doctor to make good this ann.

Did you see the provn for doubtful debts @ $11.4m...this is the sleeper.

TIM can crow as much as it wants about the stream of recurring income to be generated from past deals but stripped of its clothing these deals are largely deals done to defeat or defer tax by the high income earners and in tough times when the chips are down these people will just turn their backs on past arrangements.

I've just exited TIM after more than a year of patient waiting. I rationalised the future this way:

Whose ever met a farmer who generates better than a 5% return from the investment?

Is El Nino back? What happens to water?

That pending court case...a loss would be disastrous for TIM. And lets face it any court action is a 50/50 situation.

Then there's that dodgy loan book...soft at best.

Nope, gotta be better value elsewhere,

Goodbye TIM...you have some of my money but I wish you well.