Ann: Annual Report to shareholders, page-3

make sure you calculate your numbers on an annualised, pro-forma basis. my own consolidated number tells me the annualised EBITDA is $146.5m. in regards to the BB, they are returning money to us simply because they raised huge amount of money @ $2.54 to acquired DADI, so as the share price drop, they decided to return excessive money. should they use the money to pay down debt? i dont think so. they have got more sites to sell, and banksmeadow itself already returned $50m in cash. also, with the currently low interest rate environment, borrow more within reasonable level is more rational.