Ann: Preliminary Final Report , page-5

Good report. NPAT was heavily impacted by AU$1.5m first time depreciation expense from Phase 3. This isn't really a tangible expense but it must still be declared as a deduction to the operating cashflow. Maybe Mesbon did not take deprecation impacts into account when they provided their profit forecast mid-last year?

Great to see the divy reinstated. 0.5c seems a bit light but they did hint at possible upcoming M&A activity so maybe they are retaining cash for this purpose. I am surprised they are considering expanding through M&A as the MES prospectus indicated expansion would continue via an additional phase 4 facility.

I am glad the waiting is over, and I will continue to hold MES through 2010