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Hi Psy, what are your range of estimates of VOC cashflows in 2015? I have a range of $40m to $50m. Pretty confident of $40m, otherwise they would have no basis to talk to AMM (OCF over $40m for 2014, guided 15% growth at least for 2015).

Also would be good to have your thoughts on any proposed merged entity, assuming a merger of equals with no premium. My back of envelope says that the merged entity should be roughly $1.2b at current prices, with an EBITDA of roughly $110m to $120m. Growth would probably slow down though from the historical 40% pa, purely because AMM has lower growth, and also some IT revenues with low margins. Total maintenance capex will go up as a proportion of cashflow, again because of AMM's higher maintenance requirements (they own the routers, VOC doesnt).