Ann: Investor briefing re AAPT acquisition , page-20

Every year of so TPG pull a rabbit out of the hat. This usually has a few years to achieve full financial benefit.

The AAPT wholesale takeover was the second one this year (the first was the combination of fibre to building and local wireless networks using bandwidth purchased last year). Very astute.

I've looked at the figures, and despite a short term loss and th AAPT deal (but cashflow positive)I still see value at these prices. There is a chance it may pull back a bit, but just as likely that it will go the other way. Not being a gambling man, I bought some more TPG today at $5.10 - now one of my biggest holdings.

Christmas cheer indeed.