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The slide presentation makes clear that EBITDA of $1.1m includes...

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    The slide presentation makes clear that EBITDA of $1.1m includes Track EBITDA (consistent with IFRS) as well as CM8's "underlying" EBITDA.

    So, the run rate of EBITDA ($1.1m * 12 = $13.2m) is clearly well below the $15.9m the company has been highlighting previously from the combination of the two businesses. They should have provided an explanation as to why.
 
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