Ann: Conclusion of NZ sale process and update on debt refinancing, page-8

The whole point of selling NZ was to derisk the balance sheet and pay for the final ASC payment. I get not selling it cheaply is a good thing however, they are saying they will refinance with even higher debt limits now.

So Vocus will be highly indebted for an extended period of time probably with higher funding costs going forward.

Hard to say how this will go down today but not selling NZ for that 400-500m is a big disapointment.

This was obviously plan A and likely the best outcome for shareholers, otherwise management would have pursued refinancing first!

Now shareholders wanting for a refinance event to sustain the business longer term. Its sounds like it can be done which is something.

Reaction will be telling.

(Not Held)