Ceejay1, your analysis is spot on...the Blue Reef acquisition...

Ceejay1, your analysis is spot on...the Blue Reef acquisition consisted of $3m in forward contracts plus the Blue Reef IP. TNT paid a total of $3.5m for these assets. TNT retained the $3m in forward contracts and sold the IP to FZO for $3.8m

Deal of the century, right?

Wrong! Unfortunately for us long suffering TNT shareholders, not only did TNT manage to stuff up this simple message at the time of the sale, they have now compounded it by accounting for the deal in a way that simply doesn't make sense!

Ceejay1, you phrased it perfectly, "snatched defeat from the hands of success".

The underlying fundamentals of this business remain strong, but it seems management continue to make hard work of something that should be relatively straightforward. An IR strategy should be in place that clearly communicates KPI's (set expectations) that we as shareholders can measure the business by. Then simply make regular announcements that help shareholders understand whether or not the business is on track.

The stuff that was announced in the half yearly report doesn't give me any visibility over how the business is tracking, because there's no context. I honestly don't know if its good, bad or indifferent!

It ain't rocket science.