Ann: CEO's AGM Presentation , page-2

Key Points from the presentation

- 2012 Forecast reaffirmed - $16.5 mil NPAT for 2012
- The group as at September was trading ahead of forecast

- Group refinance is underway to eliminate structural deficiencies in capital structure and free up the balance sheet to finance more growth --> (IMO we will see significant new bonding facilities announced in the coming months)

Using approx 350 mil shares on issue post option exercise + Arccon payout we get EPS of 16.5/350 = 4.7 cents whilst we are trading at 13.5 cents = PE of 2.87

Fantastic bargain for those willing to buy in an environment overflowing with fear.