Another Misunderstood Spin-Off, page-83

"The problem for us 'Strayia-domiciled investors is that the stock is priced on the FTSE, meaning that the 20%-plus appreciation in the A$ against the pound over the past few months has acted as an drag on the performance of CYB.AX."

It has become quite clear that CYB is priced in London (CYB.LN), as opposed to the Australian market (CYB.AX).

The strong re-rating of CYB.LN has left the stock now fairly valued, I feel.

While CYB.LN has risen by an impressive ~45% over the past 12 months, unfortunatelythe dramatic fall in the pound vs the A$ has resulted in CYB.AX increasing by ~25%.

So, as Australia-domiciled investors, we didn't get "see" 100% of the capital gain; instead we received part of it in the form of cheaper UK holidays, when we take them.

I think that next week's result will have to be an absolute cracker if it is to cause the share price to continue to rise.