Ann: Broadspectrum recommends shareholders take no action, page-7

Ok, the last EBITA was $242M, therfore based on number of shares currently out there is roughly 512,457,716 shares.

Current offer of $1.35 per share equates to 2.85875 times EBITA (Last one)

242M EBITA

1.35 x 512,457,716 = $691817916.6 / 242000000 = 2.85875 times EBITA

If going by 6 times EBITA, then that would equate to roughtly $2.83 a share

Now looking at the last full year results, if i interpret it correctly they have roughly $810M in cash and assets, therefore looking at it if $1.35 got through for a takeover wouldnt Ferrovial effectively be buying TSE/BRS with the companies on money and asset value, this is not counting the brand name and goodwill the organisation should be worth over its asset\cash value....

Or have i interpreted this all incorrectly????