Conviction scale? For me, the conviction is moderate to low....

Conviction scale? For me, the conviction is moderate to low. I've now started buying for the LT so my conviction is better than at least 50%.

The signs were there for VOC and I managed to get some at the very bottom (literally a few cents off the bottom) before two PE firms made competing bids. I sold most at $3.20 when things felt rocky with the bids (they were ultimately withdrawn) and held onto a few. They've now shaken off those woes and are back above $3.20. SDA is very different but I sense there's still a lot of interest in the telco sector for PE.

Regarding the debt, it's a lot of debt but the EBITDA will increase proportionally along with the debt (assuming the synergies eventuate and revenue growth bounces back). I also take a very simplistic view that the debt wouldn't be underwritten unless the Board and the bankers were quite comfortable with the numbers. Could be a little idealistic but no one wants to underwrite a doomed venture (unless they want the carcass).