A bid would have to be north of $5.00, page-34

Looking up the Customer (costs of acquiring customers) and Software amortisation that is going below the line, it is amortised over between 4 and 15 years.

At mid year result there was $30.6m after tax going to amortising these (so 61m full year), they will be 'significant items' for a long time and the figure is likely to grow in this full year due to new expenditure on software, more intense effort to win new sales (kiosks at shopping malls), and overheads of moving customers from ADSL to NBN.

To look at it another way, statutory NPAT was $47.2m, net financing costs (interest etc) were $24.5m, so these customer and software intangibles, are a significant overhead. The cost of wining customers is as important to watch as debt IMO. (but i need to look at it more closely to try and compare it to our peers)

The good way of looking at it is that these costs only grow because we are growing our revenue. Its still a long term buy for me.