I think in time you'll find this not to be true. M2 brings a...

I think in time you'll find this not to be true.

M2 brings a very strong sales & marketing capability for the SME and consumer markets.

If you've followed the RSP industry for the last 5+ years you'll know that Dodo had a terrible product at the technical level. They were selling at the same price as TPG but TPG owned all of their infrastructure.

Because of their reliance on Telstra wholesale the Dodo service was always overloaded (causing high churn), and yet they managed to gain ~8% market share because their sales & marketing was that strong.

Similar story in SME space with Commander.

M2 brings immediate increases in utilisation to the infrastructure that Vocus has built and bought, and sales & marketing into markets old Vocus never really touched.

Also keep in mind M2 itself was a very profitable entity even whilst operating on Telstra infrastructure.

TL;DR the M2 + Vocus merger brought penetration into new markets and improved margins across the board.

Granted there are operational issues and a lot of integration work and costs in the short term. But strategically it's solid.

It's worth listening to the director (re-)election parts of the AGM. One of the best things about the Vocus board (even if it is now composed mostly of M2 directors) is their experience and IMHO genuine desire to work hard to create value for shareholders. This isn't your typical large-corporate board.