1) What
costs have been taken from Trading Post into Sensis or Telstra to
ensure a $65m EBITDA. The profit has been pumped up by about $10 million to
ensure there are no red faces.

2) Enquire about the Sydney Trading Post circulation? Down 10,000 copies per week to around 50,000. The decline has been fastest under Sensis.

3) Enquire about Melbourne Trading Post and Brisbane Trading Post.

4) Private party advertising. Down +10% volume. New Sydney pricing model (forced in by Sensis) has taken the Sydney Trading Post
from the lowest cost place for advertising to the most expensive in
Sydney. (Huge pressure to meet financial objectives ie justify $636 million
purchase price).

5)
The entire Trading Post executive team
have been fired or left since the Sensis take-over. This group of
executives have been long serving and had driven the growth behind the
success of the business.

6) Totally failed ‘Just Listed’
project. The brand is dead in the market and there are no plans on how to fix it. The
employment project will be interesting to watch.

Peter Fray

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