Ann: FY15 Results Announcement, page-5

"According to my maths, and updating for today's SKE result, I see this merger pair trading at around 6.5x P/E and 4.5x EV/EBITDA on pro forma post-merger numbers"

I think I phrased that very badly. What I meant to say is that the merged pair, based on today's share prices and using pro forma merger numbers, are effectively trading at 6.5x P/E.

But that's not where I foresee the merged company trading. As I have stated on earlier posts, I think it's a 10x P/E business. 6.5x referred merely to the prospective multiple based on the current share price(s).

I think I may have caused some confusion.