You are correct Tebley, that if there is a delay past this week...

You are correct Tebley, that if there is a delay past this week (i have heard a rumour that this will not be the case) then they will have to inform the market.

Now you ask, what happens if FNT does not proceed. In the interests of balance, I think we should look at this possibility.

Warning: Please do not think that I believe that this will be the outcome: I don't. I personally think that FNT will get accross the line...

But it is a potential (though disappointing, and hopefully one that won't eventuate) outcome.

I have done some quick DCF calculations on ATC (standalone) using some material from thier last roadshow (showing some forecasts) and a beta of 1.4. The result is 18-20c a share depending on WACC and some other variables.

Before anyone faints it should be remembered that the Shanghai opportunity for calling cards can be completed with any card platform ie any calling card company with appropriate technology, not just FNT. I have NOT included this in the valuation. They should also be able to gain some quid pro quo traffic from this carrier as part of the deal if they played thier cards right. I have also NOT included this.

Bottom line is that no FNT means that ATC can continue, and the future will still look rosy, although it would would take more time to get the above two opps going. And yes before anyone asks I have included capital raising requirements (albiet based on a best guess) and the cost of that capital through expensive equity and cheaper debt combinations in the above valuation.

To reiterate though, I am just putting this outcome on the table. I do not think it will eventuate, as I personally believe the FNT deal will come off. We cannot and should not jump to conculsions due to the deal being delayed.