Ann: TLS response to nbn co announcement on HFC rollout changes, page-24

Comsec shows they traded at 3.34 , only briefly .... but 3.34 per share rather than 3.36 as mentioned in the AFR. Neil_WA you can talk about closing prices exclusively if you like.

Let's see if anyone thinks it was good value if there's another earnings downgrade and lowering of the dividend (and share price). What sort of confidence will the market have in management if/when they have to contradict their own recently proposed, new lower dividend payout ratio or have to borrow in order to pay the div.

IMO I can afford to wait for management to demonstrate that they can compete rather than buy now  and simply hope that their promises were true. Their track record and the falling SP says wait on the sidelines (to me, i.e. IMO). Business is getting riskier as they will have to make acquisitions and drive new business segments in order to bolster the falling revenues from mobile and data in an increasingly competitive market.


Trades from today (via Comsec)

	Column 1	Column 2	Column 3	Column 4	Column 5
1	2:20:11 PM	3.350	20,440	68,474.000
2	2:20:11 PM	3.345	7	23.415	CXXT
3	2:20:08 PM	3.350	293	981.550
4	2:20:07 PM	3.345	9	30.105	CXXT
5	2:20:07 PM	3.350	9,300	31,155.000
6	2:20:07 PM	3.340	2,250	7,515.000
7	2:20:07 PM	3.340	2,750	9,185.000
8	2:20:07 PM	3.350	4,020	13,467.000
9	2:20:07 PM	3.350	1	3.350	XT
10	2:20:07 PM	3.350	3,737	12,518.950
11	2:20:07 PM	3.350	3,588	12,019.800
12	2:20:07 PM	3.350	3,654	12,240.900