sunny side up?, page-20

Sorry posted as a new thread, was meant to go here.

The repsonse by Enero:

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Dear XXXXX,

Happy to provide clarification.

The $7.5m was disclosed as ‘surplus’ cash not ‘total’ cash.

As disclosed in the FY12 full year results the total cash balance was $21.5m. Since 30 June 2012 the group has:

• Sold BWM for $7.5m and received those proceeds
• Paid deferred consideration liabilities of around $12m

Assuming no other changes to working capital this would equate to a cash balance of $17m now. Our general operating working capital requirements across all our businesses is b/w $8m and $10m at any one point in time and therefore our ‘surplus’ cash is approximately $7.5m.

Hopefully that clarifies for you but more than happy to have a phone call to discuss.