Spark (NZ) not enthusiastic perhaps, page-13

Slide 20 of the H1 FY18 Interim Result Presentation stated, not taking into account a New Zealand sale "At 30 June 2018, net debt is expected to be in the range of $1.03-1.06bn, and the net leverage ratio in the vicinity of 2.75x-2.90x" which is materially no different, actually a slightly lower mid point, than the 31 December 2017 net debt position.

They can fund capital expenditure requirements via free cash flow, and with forecast improvements to working capital etc, that will again increase in this half.

If the price were not right for the NZ business, then they could hold with the status quo. My preference would be for that.