Food for thought......why would funds like PA acquire more shares at this stage? Buy at 46.5 to get back 47 months down the line, not taking into account their transaction cost?

The forex translation gains are being recorded in Q4 under Exchange Reserve. Between last Q and this Q the Reserve shows an increase reflecting an appreciation during the Q and recognised as Other Comprehensive Income.

If next Q, the forex goes the other way, the Exchange Reserve will come down with a corresponding Other Comprehensive Loss.

It is only when the asset/foreign operation is disposed/realised, then only the forex translation gain or loss will be recognised in the profit and loss

For those who were wondering why Nta went up despite p&l loss, look at the comprehensive income statement. They recorded 66 million positive forex translation diff leading to overall comprehensive income of 32 million. Out of the 66 million about 30 million reflects reclassification for the dissolution of subs. Becos now realised, the 30 million loss reclassified from equity to p&l. Therefore minus 30 million in p&l but plus 30 million under comprehensive income = no actual change to equity. So yes there were forex appreciation but not recognized in p&l as not realised yet.