Good point Wang,lol but if penn mumbles nothing about at least...

Good point Wang,lol but if penn mumbles nothing about at least 1h 19 div's the shorters will win big time and the only certainty penn can provide the market is a sp drop when he presents.

It is interesting so i'll harp on it a bit more.
These transitions figures penn is stating are not just figures,they include the time frame ie $2.5b cost cutting during and completed by fy22,$2b non productive and cost saving asset sales over next 2 years,long term lease agreement growing at a very reasonable rate each year and on track to hit the $1b mark cpi linked by 2020/2021,iot's revenue to grow to $500m by 2021 and on track to do so.
As posted ,tls is still a utility with low debt compared to other utilities ie infraco ,ie even tls's mobile network including spectrum auctions still a utility ie just like tcl buying more roads.
My point and just my opinion,their payout ratios for underlying earnings is reasonable at 70% to 90%,their intention to payout 75% of one off nbn payments in fy19 is reasonable because of the above figures going forward to fy22.
As posted ,they can play around with arpu's,cvc charges,migration payments etc but the bottom line is the cfo has all figures and time frames and historical trends.
If penn can't provide imo fy19 div guidance,then i'm still calling for a new cfo even before denhelm starts because she has had plenty of time to do cash flows out to fy22,i'm just suggestion div guidance for fy19.
ps and if tls wants to build a high tech music/esport arena they have plenty of capital to do .