I'm one of the "bailers"! My reasons are: 1. EBITDA will be...

I'm one of the "bailers"! My reasons are:

1. EBITDA will be lower than pcp
Revenue
They didn't give a revenue number for the 1Q and said revenue for the 2Q was stated to be $11.3m; the receipts from customers in the June 4C was $15m ; that's $26.3m. I struggle to see a revenue for the half more than 1H 2018 which was $33m.
Costs:
COS% for FY 2018 was 65%; use that
S&M, R&D, Admin total cost in the 2H 2018 was $25m; can't see it any lower in 1H 2019

2. They are signalling that the Ivory Close project will not close before the end of 3Q so no profitability in the 4 Q as previously guided.

3. I can't think my way through the ownership issues around San Quintin in Mexico.

So I reckon the FLC SP will be weak for another 6 months; maybe back to the 30's.

50 cents was my breakeven; so I bailed for 75% of my holding. FLC is likely to be a good investment but, for me, not now so much!