Ann: Sale of Custom Pack Business for $14.4m, page-22

Not sure you draw those conclusions exactly, debt was $5.3m at the EOFY, its possible ITD had paid some of that debt down between Jun 30 and the sale date.

Looking at EOFY figures, net cash was $2.5m + sale for $14.4m = $16.9m, less the $5.3 debt leaves $11.6m so infers a sale cost of $1.6m or other costs greater than revenue in the first 3 months of the FY (probably a bit of both....and rereading, thats really what you were saying!).

Anyway, as you say its not really an issue, its more a matter of getting clarity on the position now and what the capital management is going forward. As I said, I think its much closer in price to its IV range now, post the sale, but thats largely due to the uncertainty and the larger MoS that needs to be applied.

I suspect I will still increase my holdings in the coming weeks.