Very true - if the roaming decision falls in favour of Vodafone then you can bet that the next 18months will see a flurry of activity, then if it is still not working the global directive will be to merge with another carrier in Aus, just as they are doing in other countries.
Given HTA has been at a floor of 7.5c for quite some time now, I think it represents a good play for some merger arbitrage.
I doubt there will ever be a dividend, this is a shell company through which the global parents are funneling their losses.
Come to think of it, why wouldn't TPG accumulate all on market shares in HTA - surely it would be that much of a spend for them?
Ann: Chairman's Address to Shareholders, page-7
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