15 per cent increase ...., page-16

Unfortunately, I think you'll find that the capital structure of TNT effectively precludes a board spill unless Mr Glennan is in agreement.

Arguably, one of the reasons TNT is performing poorly is because it is still being run like a family and friends company. It would be good to see the Board and Management move to predominantly performance based remuneration via options with suitable strike prices. They need to conserve cash at this point in the company's life.

It would be helpful if Mr Glennan disengaged from day to day customer engagement and laid better strategic plans. Organic growth is not the answer and neither are poorly fitting acquisitions. Deals with Telstra franchisees are a waste of everyone's time. Cyberbiz is an embarrassingly named and poorly conceived product that looks like it escaped from the late 90s. The good news is TNT is experimenting and iterating. I believe they will get it right, but I would prefer sooner to later.

What TNT needs is a product that is desirable, sticky and scalable. They have scalable sorted. They need a free tier of service to ramp desirability. They need to wrap it in hardware to make it sticky.

They also need to differentiate with innovation and build a patent thicket.

It's not complicated, but it requires strong leadership.