The main value that remains of the business is demonstrated by the strong operating cashflow that development sales continue to produce.
In the half year $25.2m of operating cash was produced, with $7.0m of that going towards debt servicing. Crudely extrapolating this is equivalent to ~$50m in annual operating cash, with ~$14m in pre-restructure debt servicing. Post-restructure the interest-bearing debt will amount to only $95m of interest-bearing debt, and $22m of interest-capitalizing debt. Assuming an equivalent interest rate, this might be estimated to be to $5-6m in yearly interest payments, yielding an annual operating cashflow of $45m.
Assuming that, it would take less than 3 years to pay off the remaining corporate debt of $117m (as a rough estimate, ceteris parabis). This also means net assets can be assumed to increase at least $45m per annum post-restructure.
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2010: Attributable to parent = $16.7m Divided by 4334.6m shares = 0.39c per share
2011: Attributable to parent = $61.7m Divided by 4334.6m shares = 1.42c per share
2012: Attributable to parent = $106.7m Divided by 4334.6m shares = 2.46c per share
2013: Attributable to parent = $151.7m Divided by 4334.6m shares = 3.50c per share
BEC Price at posting:
$2.60 Sentiment: None Disclosure: Held