you decide to believe it or not, page-6

Hmm i repeat penn is responsible for the confusion,on a previous presentation he stated the ebitda black hole of $2 -$3 billion in 2020 due to lower 're seller margins'.Fine thats clear and thats what he said.That was the negative presentation and tls sp reacted ie dropped and no wonder.

Then penn came out with a positive presentation which is not as clear as above but relevant to black hole and penn should clear this bs up once and for all in update or at agm,or get some one else to do updates and agm and explain the situation clearly.
ie in second positive presentation he stated there will b serious cost cutting due to tls not being responsible for maintenance to last mile of copper plus the fibre to the node maintenance clearly should b reduced as the network will b fully rewired by nbn with fibre .
Then as posted (and suggested by penn for first time) we have the $1b pa rental increasing every year for 30 years on nbn completion ie from 2020 onwards with payments starting as per last agm to offset lower re sell margin,then we have the $4b in one off migration payments as tls customers migrated to nbn due before 2020 which imo should b used to buy back shares ie increasing eps materially .

Its bad enough no share holder understands the business model behind penn's amibition to become a technology co but thats not enough he has to then confuse every body including me by giving 2 presentations,first one negative,second one positive.