Ann: Appendix 3Y Maxine Horne 230518, page-25

In my case, VTGs divis are an important part of my investment strategy but I've long been aware about making the mistake of substituting divis for capital growth. (Like, for example, the current SH of Telstra would be experiencing right now. i.e. they get a decent divi but it's paid for by the devaluation of the SP).

At this moment in time my jury's still out on VTGs move into the NIMA business. I don't think I'm Robinson Crusoe here.

VTGs history of past acquisitions with no reporting on how any of them individually add to the group's bottom line strike me as more of an indulgence than anything else. (Is this a good time to mention Next Byte?)

But - there's no doubt VTG needs to diversify away from Telstra - while keeping the umbilical intact.

I guess my answer to your question is it would depend on my perception of the likely future value of the business' VTG was acquiring.

Others here will likely respond differently.

BTW - my sentiment is 'Buy' right now, once the SP seems to have bottomed.