Yes, hi, it's Phil Campbell from Citigroup. Just following on from that question, could you just help us understand the regulatory timeline in terms of, you know, if you are going to try and effect this policy change, how that's actually giong to work in practice? Because, obviously, next month we expect a ULL decision from the ACCC on a de-averaged basis, unless you withdraw your undertaking. Can you just help us try and understand, over the next 12 months, because obviously you want to have this done before T3, if it does happen next year, exactly how - or what data points we should look out for in terms of time frame?
KATE MCKENZIE:
Once again I think that that's another, sort of, hour's worth of laying out, sort of, the full intricacies of the timetable. But, you're right, we're expecting a decision on ULL so we've certainly had some very focussed discussions with government about their preparedness to invervene. We're looking for a decision certainly before the end of the year. On operation separation, similarly, those discussions have been underway for a number of months now, and, as I understand the government's timetable, the outcome of that should be know in the next few weeks. On the safe harbours, that's a little more problematic because I think we've concluded that the only way that that can be made to work is if there is some legislative change, and the next opportunity for that would be the first quarter of next year. ==========================================
So it looks like a decision from the ACCC on ULL will be made in December 2005.
I'm expecting it to be a poor outcome for TLS.
At this stage, it looks like the market will try to push the price up to $4.00/4.05 and if the ACCC decision goes against TLS then the sp will get dumped 20c.
$4.00/$4.10 is where I will place by short position.
TLS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
