Ann: Trading Halt , page-7

Hi ASF

I think this still looks expensive.

$3-4m EBITDA in first half but $19-23m for year ?? And that includes $6-7m for the business they are trying to flog for maybe $25m.

What the possible sale does show is that a multiple of 3-x EBITDA is what the industry is likely to pay.

Put the rest of the business on the same multiple and the shares are probably worth 6-7 cents at most.

Also, no mention of net profit or loss.

Also, I am amazed that they still think dividends are on the table when they have just announced a huge write off, a sale to pay down debt and a downgrade !!