Ann: Termination of White Label Agreement, page-11

An exit from what? SLC has started to finally turn their massive network capacity into cashflow. Why would you want to exit now? SLC had a much higher offer from QIC when their underlying business was much worse, so that theory doesn't hold IMO. I think it is far more likely that this is a move to make it more difficult for ABB to takeover SLC. I think there is room for SLC and ABB to continue to grow in all segments, taking business primarily from Telstra. That trend has been stable for some time, and there's no reason for it to slow down. ABB and SLC offer a better service at the same or better price.