Ann: Corporate Presentation, page-2

Acquisition is priced well. Good level of EBITDA acquired.

Noticed the line in the presentation as well that stated

"Guidancerior to any contribution from Mining West, MACA’s
previous revenue guidance for FY21 was +$850 million.
Management expects revenue to exceed $1,050 million"

Thats a huge increase on 2020 levels of $808m upto $1,050m and then we add Mining West on to these figures too.

Gearing looks a touch high following acquisition at just over 51% (this is net gearing) but I think with the expection of 2021 cash generation this will being this down somewhat. Eg. with a $35m increase in retained earnings and $80m increase in cash generated then this would reduce net gearing to around 27% within a year so it will normalise quickly.

I'll be taking all of my options up I think.