Just checked the Hot Copper search and guess what , page-6

re: Small telcos are doing better these days Many small telcos are outperforming the overall telco sector finally. Look at PWT, UEC, AMM, etc whose earnings, cash position and outlook are improving. So finance is becoming easier to raise - simple as that. It's usually a blend of debt and equity based funding which means the finance is taking a stake in telecommunications. Expect a new wave of mergers and acquisitions soon - attrition has already occurred among the weal ones.

Telecommunications is changing and looking at the last mile deficit issue, but basically telecommunications is still the main engine of globalisation in the positive sense and will experience a new resurgence now the Y2k spending binge reaction is wearing off and "virtual" inter-reaction becomes the normal mode of communication in business and privately. Those who take a stake in telecoms stocks and are lucky will be hugely rewarded.