Telecom Plus Recovery from here @ 125p?

News this morning: Carphone Warehouse buys One-Tel from Centrica to add to its existing customer base (including Talk Talk). No broadband offer at the moment, but Charles Dunstone (CEO CPW) says that's "in the pipeline". All CPW customers will be able to "talk for free" to each other. What does this do to minnow TEP's "unique selling propositions" (sic)?

Much is made of TEP's multi-product platform and single billing system in the half year report...maybe the other larger companies will enter the multi-supply market, maybe not, but they all have much larger market share than TEP.

Continued "profitability" of TEP is mentioned (except, of course, for the gas fiasco) but (relative to larger competitors) small turnover and small profits result from small market penetration and customer base.

16,000 or so "Distributors" - how many are still active? The TEP Distributors'internal blanket e-mail update has been suspended for some time now, so no one can easily estimate the rate of "new customers" and new SUCCESSFUL Distributors.

EPS of 11 or so is still too high for this share...it is not even a Footsie 350 company, let alone the world beater that it was said to become.

Unless the failed model of MLM customer recruitment is changed, it will never grow into a company with a customer base of any appreciable size.