Ann: Update - Proposed Functional Separation Undertaking, page-33

"So basically all the synergies from the takeover are now gone" --> what is your source for that please?

As a standalone business, OPC is a good investment. Why do you think FSS were there in the first place at 5.85? If it was attractive to them at 5.85 with NO synergies, then it still works for UWL who will extract synergies.

Infrastructure assets are long term assets and deliver higher margins (look at any telco data) though they generate less free cash (as they are capex hungry). Take a look at the UWL charts from annual report to compare infrastructure vs customer sides of the business.

UWL buying OPC is akin to when TPG bought infrastructure player pipe networks which delivered an asset providing benefits over the longer term as TPG organically and via acquisition grew other parts of their business.

Looking forward about a year from now, UWL will likely make a tilt at Aussie Broadband (perhaps before their planned float early next year, but if not it'll be an on market purchase). ABB is a high quality business and there aren't many of those left in the telco space small enough for UWL to buy. The OPC asset gives room for UWL to extract more value out of Aussie BB (and other future acquisitions).