After listening in to the conference I get the feeling VTG...

After listening in to the conference I get the feeling VTG management are a little vexed with being disrupted by Telstra's latest thought bubble around how to organise the retail stores and remuneration. VTG's self-imposed suspension of taking on any more retail stores and the hunt for other retail concepts illustrate this.
At the very least, they have made it clear to Telstra that their retail stores are not the only option for deploying the healthy free cashflow that VTG continues to generate ($70m in the last 18 months), and rightly so!