Took my first position today @ $2.76. 2hFY18 Dividend of 11c is...

Took my first position today @ $2.76.
2hFY18 Dividend of 11c is a given. Its the dividend after this that is uncertain.
Given that TLS will go ex-dividend at the end of august which is only 2 months away, I am treating the 11c dividend as a return of capital.

So my effective 1st buy in is $2.65.

As mentioned previously my valuation range is $2.00 - $2.50.
However if telstra cuts its dividend into FY19, this will lead to a future increase in book value, which will support a higher valuation post 2020.

The market could well go higher or lower after Penn's announcement June 20. So I prefer to get in with a position now.
If the share price drops after June 20, I will use the opportunity to purchase a 2nd position.

I will be writing call options to provide extra income which will slightly hedge against future price drops.

Lol I can finally say "held", those I will not provide a 'buy' sentiment yet.