Ann: Half Yearly Report and Accounts, page-9

Don't agree with your analysis re cash burn.....at all.

TNT are not currently burning 300k a MONTH.  Don't know how you got this calculation.  

TNT have about 900K in the bank plus the $500k from Geoff Lord, not accounted for in previous 4C (ie about 1.4 million).

Based on previous 4C and estimated outflows for next quarter, they may burn about 400k NEXT QUARTER.  I would suggest this is the worse case scenario.  Even then, TNT still far from insolvent. 

That does not account for the cost cutting measures being implemented (mentioned in most recent release), and of course any revenue growth.