It's a very appropriate price for Patrick. Toll is going to become a very powerful player in the industry.

For Patrick, it's great for shareholders because it should see them garner a higher price.

And our market is being helped by a bounce in commodity prices, after they were heavily sold off in the past few weeks.

Funds management has been a standout, but is as expected, given the strong investment markets. Business lending is also strong and has slightly offset weakness in Westpac's home-lending segment.

It's an excellent outcome for Toll even though they had to make a significant number of concessions.

We certainly didn't expect such a bearish outlook and they haven't given any earnings guidance, which is a pretty negative sign.