The volatility of international equity, interest rate and currency markets has the potential to significantly alter the value of the funds' assets.
Anecdotal evidence also suggests that the Taiwanese media market is still relatively immature.
Patrick shares are going to be up near A$8 because that is what the market was looking for before it was blocked. When it got shot down by the regulator everyone was disappointed, but upwards of A$8 is what is needed.
We are concerned about the Australian market this financial year and the U.S. market in the next financial year.
I think offshore investors would be looking at the Australian telecommunications market and seeing a stock that is already fully priced compared to its international peers and has sentiment weighing on it, at least for the shorter term.