15 per cent increase ...., page-11

Not at all.

They do not have to release anything that would be commercial in confidence.

But as a shareholder we are entitled to to judge the Board according to its use of our capital / its financial performance.

It is completely appropriate that the Board lay out some financial performance goals over which they agree to be judged by shareholders. ie be cash flow positive by x date. be profitable by x date. grow revenue by x percent by x date. They do not have to release anything that would be commercial in confidence.

Completely reasonable for a shareholder to say to the Board - we have given you 7 million of our money - we want to measure you on how well you use that money.

If Warren Buffett is prepared to lay out the performance hurdles over which shareholders can judge his performance with their capital - why can't the Tesserent Board do the same? Mr Yardley is very intelligent and is big on corporate governance. Surely good corporate governance dictates setting yourself some financial metrics over which the Board can be judged.

Tesserent say we shouldn't judge them by the share price (out of their control). How should we judge the Tesserent. Surely by its effective use of our capital.