Ann: 2017 Full Year Results - Media Release, page-11

All fair points Charlie, but you should have added ;

$3.733m cost to do the Outware early, so offsets big chunk of the $5.8m you mention. I do agree that neither should be in underlying. Assuming nothing major like that in next years guidance, it looks pretty solid.

Current debt of $9m will start to be repaid from 30/6/18.

Non-Current debt is $66m and expires 1/1/19 so if you like it is current now. However they are talking with ANZ about obviously extending this facility, so by the time we see 30/6/18 it may be non-current.

Cash of $20m at 31/12/17 but already paid out $2.68m held in escrow on 3/1/18 and will pay a further $8m when we get our dividends in March.

I will be interested to see if CDM lent some of its stock to short sellers today as it looked like someone was trying to cap it, knock it down and buy cheap.... it worked well for them as they smashed it down on around 250k shares and then were able to soak up heaps below the sale price before lifting.