What is PSZ worth post the TNT distribution?, page-6

Hi Mal,
Great question - I have been conservative on this number (and hope to be positively surprised) as there are so many moving parts and costs associated with the M&A activity. In any case, below are the specifics of whats in my model, so you can take your own views on any of the line items. Importantly also, it assumes all earnouts are paid and only $2.5m of the earnouts were eliminated by the North sale (as this is all I could find from when the acquisition was made). In any case, the company have said the Victorian business should be working capital positive, so a positive take on this comment could be that the entire company's balance sheet is net cash - but I'll believe it when I see it as part of the 'rationale' for the Glass sale was to overcome funding concerns.

			Notes
1	Opening net debt	6
2	less TNT cash proceeds	9
3	plus earnouts	7.2	Assumes only $2.5m removed from North sale
4	less Glass	1.3
5	less cap raise	1.7
6	plus 2020 operating cash outflow	2.7	Assumes unwind of favourable 2019 w/c movements and M&A costs
7	Closing net debt	3.9