mfs preopen, page-30

That's certainly true plasmod, but the question is what is a reasonable value to pay. A couple of things:

* MFS has stated that business performance (both divisions) is weighted to the 2nd half of the year. As such maybe the 1st 6 months can be considered a worst case?

* They have previously provided a guidance of 58 cps profit to June 2008 (that's off the top of my head, so might be a bit out). Take 40% off that and we still have 34.8 cps.

I'm don't think that servicing the current debt is an issue at all. After all, with the last dividend they didn't even bother with a re-investment plan. It would certainly be beneficial, however, for the company to give a clearer picture of when future debt is due apart from the $150 million already stated.

MJS