Ann: Half Year Accounts, page-5

Remember he has to be carful commenting on that line of questioning (TO offers).

His response when you take out his reservations and cautiousness is this,

Yes they are a takeover target at 3.5 - 4 times forward earnings.

Have they received anything serious, no, or no he cant disclose as its confidential, but nothing has been "officially" taken to the board.

Nothing at all smelly about that, the mere fact that people are throwing that line of questioning suggests its cheap.

I read into it that is likely they have received some low ball offers.

Good update, appreciate the honest from CFO that they have areas to improve on WRT Cash. They highlighted synergies and significant lease savings to come through in 2nd half, deferred tax a big impact on cash in Dec 2021.

Fibre rollout significantly impacted by COVID and gaining access to building in Melb and Sydney, not surprised.

All in all, its a story of will .au take off or not, and can they get traction in increase ARPU.

Investment in systems to support cross selling etc will assist. and significant investment in aussie customer support team will reap benefits in terrms of selling and retention and reputation.

Joe basically confirmed they are looking at some smaller cash based acquisitions which they can complete with current cash and access do debt facility.