mcs down but not a knockout mcs will recover, page-2

Gassin

EBITDA is meaningless unless you look at the whole picture. cash-flow forecast before latest updated showed the business would be cash-flow negative around $11m for 2014 ( see page 12 ) - and this looks like before any dividend payments.

Business is very capital intensive and will always have a very high level of stay in business capex. fortunately for them the vast majority of their facilities are interest only , because any amortisation would drain cash even more.

cash is always king.