Extracting the alpha channels produced one alpha channel (01).
Deleting this, produced the correct (normal) image, then saving it from within PI as a re-named TIFF, allowed it to re-opened in AA5 or PI as a normal TIFF image.
It would appear that although being 'flattened' in P/shop, it isn't truly flattening the image, but leaving behind one alpha channel
P/shop has no problem in opening an image saved as such, but AA5 and PI do not like the presence of the alpha channel, so AA5 and PI are behaving correctly, whereas P/shop is not.
Many thanks for your help in isolating this problem.

Dave