Ann: VTG FY Results Announcement and Presentation, page-6

Agree 100%.

I just got off the call..

Underwhelming call for sure.

The underlying scenario of TLS paying circa 2.5 times EBITDA for the ICT network remains the investment thesis, as it has since the start.

I will let everyone work out for themselves what the above would imply for VTG's balance sheet and net cash balance.

As we now know, TLS has finalised the deals with the bulk of the other license holders, so it is just a matter of time.

I was slightly disappointed with Artisan's results, however
1. Covid is still an issue
2. It's largely irrelevant compared to the elephant in the room, which is the ICT sale, the resulting cash, and the inevitable subsequent return of capital.