is qfx a takeover target ??, page-28

Just a couple of points shakes

1) yes people may pay an irrational prices for QFX

2) rationally people IMHO would not pay $20-30M for QFX as the establishment costs for the equalivant would be a lot lower IMHO.

3) HBO own preference shares in QFX not common equity. This ranks above common shareholders. If they were so confident why didn't they take common equity?

4) HBO share are disclosed in the accounts as a current liability

5) My point is setting up a streaming business in Australia is not expensive for current market participants. IMHO much less than the EV of QFX at the moment.

Cheers