No real surprises for me, it met my expectations. I ran the...

No real surprises for me, it met my expectations. I ran the numbers on the iiNet acquisition long before it happened and expected ~$200 million a year cash to be extracted from iiNet. Annualised EBITDA was $244 million, so well and truly in the ball park.

On an acquisition cost of ~$1.6 billion, that's a bargain.

The dividend increase was a little surprise for me given how conservative Teoh normally is and his penchant for paying down debt aggressively. I take it as a sign of high confidence he's comfortable with the cash flow and is probably already slashing the debt aggressively as we speak.