why the drop of 5%, page-48

Perhaps this dependency on the relationship with Telstra is the reasoning behind VTG's propensity to look at other retail options (SQD Athletica)??

I think management have a history of being honest and capable and if they are unable to quantify the effect of these remuneration changes at this point then you can take that as the truth. Thers's sure to be many variables at play. 'The market' won't like this uncertainty so volatility will likely reign until the visibility of earnings in 2H2017.

I've learnt that there is more risk associated with VTG based on these fluid Telstra agreements and as such this should be factored in to the asset allocation toward such a stock. But I've also learnt over time that VTG have an incredibly strong culture with powerful sales teams and this will stand them in good stead to the challenges thrown at them.