Where to now for long term investors of Telstra, page-379

Rubbish.
If you thought the proposal was a fait accompli you didn't read the release.
Personally i doubt that NBN Co's disapproval will have affected the sp.
If it doesn't proceed at least we know what their intentions are for capital management.

Aug 17 2017
Telstra also announced the potential monetisation of its NBN recurring payments which is expected to grow to just under $1 billion annual by the end of NBN's migration period.

"If we were to proceed with these plans, it would involve approximately 40 percent of the total receipts that are expected, representing the already locked in receipts for fibre and exchanges," Mr Penn said.

"The scale of the proposed transaction is approximately $5 billion to $5.5 billion with Telstra to retain some equity interest. Our intention would be to use the proceeds to reduce debt by around $1 billion, with the balance to support a capital management program to enhance shareholder returns, most likely through a series of on and off market buy-backs."

Mr Penn said Telstra is in conversations about the proposed transaction and cannot confirm where it will be achieved, but will update the market when it can.

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