december activies statement, page-7

Last qtr they did the cash flow ahead of the report, which would have been better as they could have highlighted the figures. They didn't even bother to discuss cash positions in this report which is very poor.

Anyway, based on NZO's cash comments, we should see $49 million to PPP based on the ratio of holidngs, which I assume is operating cash flow prior to any loan repayments. With $30million last qtr, then PPP must be now at $79million prior to admin and loan payments. Not too shabby, and must be re-rated soon, even in this market.