I have been watching with some indifference TLS over the last few years, having once been a not insignificant shareholder; taking decent size parcels in all three tranches, but cutting loose not long after. Despite all the upbeat chat at the time of privatising I have always believed they not only would suffer for many years from being a government department despite being so called ‘privatised’ but also that they would always be a political football with too many masters. And the most telling disadvantage was they were a ‘dead in the wall’ organisation with sunset technology in a sunset space. And because of the political issues it could not move fast enough to move to sunrise strategies.