Ann: Chairman's Address to Shareholders , page-6

er... respectfully disagree... TPG are inside all and every moat. It's just that TPG has a lot more interests than Vocus, and isn't focussed on the black fibre for business (Vocus's specialty).

However TPG is the main competitor in that space. Don't get me wrong, Vocus is widening its moat, and pullying ahead of TPG, in that particular area. However, TPG is inside the moat, and a change in priorities is a possibility.

The lack of focus on the risks facing Vocus does not surprise me in light of the corresponding overvaluation of their shares. Having said that, I hold and have no intention of selling.