Tesserent would probably say shareholders are just unhappy at...

Tesserent would probably say shareholders are just unhappy at the share price - which is true.

But if you ignore the share price, and just look at the intrinsic business performance - it has been nothing special. We are approaching 2 years as a listed company and I don’t think you could rate the Boards performance as above average.

International revenue very low compared to overall revenue. Cash burn an issue. Revenue growth modest. No real idea as to when we will be cash flow positive.

So even assuming the share price was at 30 cents - I don’t think you could be cracking open the champagne if you were the TNT Board. Their management and guidance of the TNT business to date has been a pass mark - nothing more than that. They certainly haven’t “exceeded expectations” which is a common kpi when having a performance review.