Ann: Corum Clear Update, page-19

I agree, although I'm not expecting a lot from the H2 result. If we exclude the interest earned on the cash balance, COO actually made a small EBITDA loss in H1. Accordingly, it would be a good result if the cost savings previously flagged drive a modestly positive H2 EBITDA. A marginal H2 EBITDA result will also mean that the H2 R&D spend will need to be funded from cash - hopefully the lions share of this R&D was spent in H1, although I suspect there will be some depletion of the (post tax refund) cash balance. Regardless, the main game is the approval and takeup of Corum Clear. This is what will drive positive earnings growth and underpin a rising share price. If successful, 6c+ should be readily achievable assuming it drives revenues back to the mid teens or more and EBITDA back to $2m+. This would also provide good flexibility to deploy the cash balance.