Burnie Port Authority issue looks cut and dry.
Not in this case. Far from it.
Can you tell me if Telstra directly employ those "sub-contactors". Or, is there another layer of major contractors are there. There is.
Or, did NBN contractors - in a hurry to pass more homes - did they set fire to the warehouse?
Obviously, I am concerned for those exposed to asbestos fibre.
In the meantime - the ambulance chasers can smell a feed, the short one is angling for the leadership role post September poll, the media have a story and .... the Tony/Julie combo have long lost the moral high ground with anything asbestos.
David Thodey did the right thing - take responsibility for now because Telstra owns the pits and refrain from adding fuel to the hysteria. Responsibilities/Costs/main contractor liability/etc will all be worked out in time.
A 10c move down in the share price is about $1.2 billion - a lot of compensation money if indeed this should turn out to be a material issue. DT said today that this is not a material issue.
In the meantime, I am a very happy buyer of this blue chip with a yield of about 9% next year plus in less than 3 weeks a grossed up dividend of 20c.
Happy with that. GB
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