This is an absolutely excellent point. I think that is the...

This is an absolutely excellent point. I think that is the biggest risk with Uniti - that they bite off more than they can chew and borrow too much money.

Things were going great at M2 right up until the merger with Vocus. Then it became a low-growth business.

To what extent the poor outcomes since that merger were to do with a whole bunch of previous acquisitions I don't know - but at the time they did say they were struggling to integrate a variety of different businesses, all with different cultures. Also, the NBN was a game-changer and made them have to adapt at a time when they were consolidating acquisitions.

I hope that kind of outcome doesn't happen here.