Ann: Investor Presentation - December 2016, page-8

This is a good earnings deal for ST1 - they issue stock at 10-15x EBITDA & borrow at 5% to buy solid earnings at 5x EBITDA- so of course it is accretive.

The bigger and broader question is why are you investing in ST1? If I was to do so it is because I am playing super fast internet and a rising penetration rate in buildings where the offering is already installed.

I don't want some mature 1800/1300 numbers business clouding my "pure play" - and I think they have a few other investments like this already.

I want more buildings rolled out, a JV with a content provider making the faster internet offering more attractive.

This is nothing more than financial engineering.