GR,I didn't change my mind ,I just didn't want to b holding the...

GR,I didn't change my mind ,I just didn't want to b holding the levels I held going into the report.After reading the report I felt the risk was worth increasing my holdings to a level where relevant to my portfolio the div payment is reasonable but my holdings are historically low.
I now hold far less then i would normally hold for the reasons posted because tls is no longer a safe haven imo.Also as penn and chairman have nearly succeeded in achieving their 50% profit reduction target i believe tls may have come close to bottom,but easily penn could achieve a sp of $3.50. .
I don't like penn saying climate change is the or a main challenge for tls over the next decade plus his 50/50 quota plus his awards.Absolutely i agree with gerry harvey that some lge co's are becoming to politically correct at the expense to shareholders.imo only this is reducing tls's ability to diversity into profitable sectors by using tls's market share/network etc .Tls management should look at verizon.at&t,apple,amazon,samsung,ntt,telecom korea,china telcos generally,alibaba etc etc to see how tls should be diversifying outside their core business.
Penn is stuck in a high risk decision to put half our eggs into nas/enterprise to fill the $3b blackhole.
This is not what tls should be doing and imo the figures are making clear that profits from this sector are not easy to produce,in fact tls as posted historically can't make profits from this sector..
The only little piece of positivity i read was the reasonable increase in global enterprise,but a sml decrease in domestic and an over all decrease in enterprise.ie for me global enterprise is the important division for enterprise and nas.
imho we need new management for so many reasons.
This so called under lying ebitda turn around of $90m ?
I could go on but imo tls earnings are high risk.etc etc etc and absolutely the div can not b taken for granted .Management has set us up by again constantly stating 5 cent div plus 3 cent 'special div'.Look at the payout ratios?.
Do we believe managements underlying figures going forward?

Re banks,I have no interest in micro analyzing banks because the new banking business model hasn't been developed yet.I don't often agree with the reserve bank but i do agree with them regarding the threat from facebook and apple to the australian banking system. CBA has understood the issues far many years,but the serious problem for banks is they are trying to become tech co's because that is the banking future.The problem for the banks is the tech cos are already tech co's,their entry into banking is relatively easy and they have massive domestic and global customer bases.just my opinion.ie banking business model-housing,credit cards and business loans.
This is exactly the same for tls if tls took energy seriously not the pussy way management is treating energy ,tls has the competitive advantages to enter energy like the global techs are entering banking.

Geez GR,then i read about infraco and how simple should the sale of 49% of infraco be.But then I read penns opinion as per AFR,i didn't read any tls exchange report i had to read AFR and penns long and again confusing list of options for infraco including mobile fibre and towers.
I would not trust penn to sell 49% of all the infrastructure he listed and then spend the proceeds..
TLs just needs to make real decisions and penn needs to start working for shareholders.We just need a new ceo and chairman and cfo.
l don't believe some shareholders understand why tls's profit is on target to hit a '50% reduction' with no clear turn around.imo only its not the nbn agreement its managements lack of business acumen.
My other holdings i'm happy to hold and follow.