Ann: Conversion of Options raises $10.7 million, page-10

Something I'm still not clear on is are Findi reporting their share of revenue/EBITDA/Cash etc from their holding in TSI or are they reporting the total TSI figures? Dont forget that local management own 20% of the company now (and Piramal could own ~20% too).

For example in the last half year, when they reported $12.5M EBITDA, is this actually $15.6M ($12.5M/80%) EBITDA for TSI? Or did TSI make $12.5M EBITDA and Findi are just reporting the whole thing?

I'm trying to workout their cash position and don't know if I'm taking all these numbers at face value or I should be discounting by 20%?

Thanks