Ann: Company Update, page-164

So over the past 2 days just 1 million of over 6m shares have been traded at under 14 cents... BRL 'fell off' in the late afternoon trade today, although this is nothing unusual and as mentioned yesterday, has happened a few times: the underlying trend of buys way outweighing sells has continued. In fact, I am surprised BRL is back at 14.5 cents given the, ASX has had another down day - must be a few whispers of tomorrows results maybe?

Results will likely be announced tomorrow prior to open (they were this time last year - 30th at 10:28 NZ time). Whitehaven Coal is currently trading at 5.1 x EBITDA (EBITDA increased 219% from FY16), South32 is trading at 9.1 EBITDA (EBITDA increased 363% from FY16)... it seems like 5x EBITDA would be the baseline (BRL currently trading at a not totally unreasonable 12 - off last years 11.8m EBITDA) meaning it would be fantastic to see EBITDA of $28.6m however I don't think this will happen (if it does - unbelievably good) due to FY16 being still based of domestic contracts and integration (economic benefit) not happening till July 1 of SE... the outlook (and EBITDA forecast) for FY18 will be most important, followed by clarification on the notes.

Hopefully an exciting time tomorrow, a time you don't want to miss - who knows, maybe today wasn't just the last day of the 13 ish cent trades, but the last day under 20 cents.