Ann: Appendix 3Y Maxine Horne 230518, page-24

VTG valuation is directly linked to Telstra SP performance. Perhaps certain big holders (now sellers) are pricing in a revised agreement with Telstra which will directly impact the VTG bottom line. Proof will be in the next financial guidance and confirmation whether revenues are maintained.

Question is will you continue to hold if revenue is stable and safe but divi's are suspended to enable VTG to diversify and acquire other businesses to future proof revenues.