Ann: March Quarter Trading Update, page-24

Minimum write down of 57.9m on Star Vegas alone in the next report based on the multiple used for original purchase price. Will be considerably worse as that model forecast growth of 10% first year and 4% thereafter and we are now at -50% growth in earnings. $62mil of liabilities due within a year and approx. annual group ebitda of $53mil based on this trading update will mean continued borrowing or issuing of shares to stay solvent; same story which has lead to it having 15% of the share price value it had 5 years ago.