Hta, page-6

Yes Vodafone is improving and yes they will probably be a far bigger company in Australia in a few years.. So it appears HTA is a massive growth story.. But there is a major problem with the capital structure which means shareholders won't be easily rewarded. The major shareholders and financiers are Vodafone and hutch and they are owed billions.. when this finally makes a decent profit and I have no doubt that it will, Vodafone and hutch will suck all of the profit out to repay their inter company loans. This company will not attract the big fund managers while this capital structure is in place.
The massive loans and capital structure is what is holding back the share price.
If Vodafone wins the 10MHZ of spectrum which it desperately needs, it will need to stump up a lot of cash.
Debt will go up.
Vodafone and Hutch will suck out the profit and send it overseas as interest rates..