Ann: Chairman's Address to Shareholders, page-25

Balta,I agree when penn opens his mouth the sp drops.

But excluding my energy and oml opinions imo penn is starting to perform.

Clearly penn  and chairman need new presentation writers.Really why would the chairman mention yellow pages?,yes we all know yellow pages is a waste of money and badly managed by tls but tls still continues to send us mini yellow pages and not buy disrupting advertising co's like oml?.

Then chairman goes on and on about how tls's various businesses have been disrupted ie yellow pages.What a waste of my time listening to that rubbish,yes they have been disrupted but the co in the box seat to take advantage of all disruptions is tls as both penn and chairman  basically go on to suggest.can't get more confusing than that..

Both chairman and penns presentations are pathetic.I read transcript,then some suggested webcast interesting so got to 1 hour on the floor listening to webcast had to stop as very boring  but will listen to rest maybe tomorrow.

My concern is i don't want penn replaced because i don't know who will fill his shoes,i will listen to rest of webcast because some mention chestnut and the german guy have something to say which i would find interesting.

ps as posted many times, when i do my maths on updated tls guidance i get to a decrease of 10% in ebitda excluding free cash flow ,taking into account lowest ebitda guidance but high nbn guidance lol and excluding $2b non productive asset sales and spectrum purchase.

So my maths suggest tls could maintain div as per tls pay out ratios,but why should i have to do these maths,thats the job of a cfo and the ceo.