Where to now for long term investors of Telstra, page-186

Grow Rich,I normally don't take notice of ratings co's,unfortunately i agree with UBS valuation of 3.90 for tls,but that still excludes the unknown accc final decision which is still pending pending.
I have lost interest in tls until
-penn/board replaced.
-or first special div announced i will start to reduce holdings pre or post ex div day.

imo the end for penn will b where he starts to invest our/fund managers divs ie the extra capital.Taking into account thodey got all excited about ooyala and dimmi as examples of these so called layers utilising tls's network.
The best penn could do is talk about 2 layers / co's tls doesn't own ie netflix and uber.
He mentioned this security acquisition ?.That was it a security acquisition??????????,when a co makes an acquisition they normally say it will b earnings accretive first or second year .or maybe like murud tls doesn't give a crap if its earnings dilutive.
I notice penn is being questioned in media and my guess by institutions/fund managers now that penn cut div more than any analyst forecasts and provided no examples where he could prove tls required such capital.