Ann: Change of Director's Interest Notice , page-26

ormond...

I am interested in what you really think of TCN. Normally you don't bail out early... is there something in the business that you think is not scaleable.

I see this business as valued currently at say 20m.

4m cash and generated 1m cash in the last 6 months...

Potentially could generate 2m cash sustainably... but they are tiny single digit revenue figures at the moment.

I think 15m to 20m is fair value for the business... but if they can scale their business I would have thought potentially 30m+ ?

Currently there is no evidence of growth, but management have hinted that is their intention.