thoughts on the fy14 half year results, page-2

EBITDA is affected by the additional lease expense - but then the debt reduction from those property sales reduces the interest expense.

"From a greatly strengthened position we believe the company will be able to more effectively participate in the rationalisation that the industry desperately needs". This quote from the half year announcement says it all - I read it as "we're open to offers".

This business is a real cash machine - the main risk is revenue decline. It is probably expected in some areas but if revenue drops too quick they have to keep shrinking the company.

My preference is for the company to turn into a dividend machine but maybe we'll see a takeover offer before that happens. I just hope they are receiving an offer rather than making one.