Ann: H1 FY18 INTERIM RESULT PRESENTATION, page-126

The market does not like the leadership and direction they are putting the company in. Yes Enterprise and Wholesale is the gem, an area management have zero past success in, and that’s scary. So what do they do, split it up, put the former consumer head (who appears to have participated in similar boardroom plays at Clever Communications which delivered similar poor returns prior to being sold to Big Air) in charge of the new division. While bringing in a new person to run consumer from a company struggling to get out of the regulatory mire their consumer play got in over recent years - AGL.

Have a look at all the dead brands management have left in their wake, and where key stakeholders are now, it seems failure gets rewarded with promotions at Vocus, while those who get things done and add value are discarded.

The company has been cut to the bone when it comes to talent and unnecessary expenses, now organic growth needs to happen, and the faith in the ability of management to achieve that based on their perceived past performances is not there. It’s easy to buy companies, but it takes real skill to get value out of acquisitions.