Merrill Lynch report in Telecom and Cable Weekly that:

“Industry Canada is about to kick off a public proceeding on this issue [spectrum fees] in the coming weeks. They have just received a report from Plum Consulting, recognized UK-based experts on spectrum valuation, which estimates a value on the 170MHz of cellular/PCS spectrum in question. That valuation has not been disclosed, but it will be with the public notice. We believe this will bring investor focus to bear on this issue. Based on our recent discussions with officials, we do not believe that Industry Canada has wavered in its intention that after 2011, spectrum rental rates should reflect their true market value, in accordance with Treasury Board policy.”