True, true, the thought occurred to me also. So, when the NZ $ rises they take profits but don't affect TEL so much because of the buyback.

Other thought that occurred to me - all the brouhaha about Sam Morgan's Pacific Fibre cable possibly in two years time - are punters thinking that may impact CNU? Presumably TEL put it's half share of Southern Cross into CNU...

Doubt if Pacific Fibre will be a big money spinner for Sam - for a start the Commerce Commission will by eyeing it like a circling vulture as it does all telecoms in NZ and presumably Southern Cross will price competitively and add to its capacity leaving Sam lamenting. And who knows where it will be in two years, it may not fly yet.