Ann: FY20 Interim Results Presentation, page-4

Hi Stan. Interesting sentence from Rebecca in Nov. I note the 'not using FCF'

Right now, according to presentation, there is $18mill in head room. $10 mill to go to finish stuff. So that means headroom has moved from $12 mill to $8 mill. They have / are working on some wee upgrades since Rebecca wrote that, I think. I 'think' the FCF is upward of $2 mill a month. (if I am wrong, let me know).

I appreciate that I learn $12 mill allows a 15-20 MW project.

I think Zenith is banking on the FCF to build new projects that come along. And I referenced a Euroz analysis that projected just that. They hypothisised FCF can get them to 300 MW installed over the next few years - with no borrowings and no cap raise. And that is the projection I am using now. ie, a simple 'increase BOO 10% a year just on FCF'. At the same time FIIG is being paid down (slowly, but surely).

The last cap raise was much too cheap. I hope if they need more money, they just get it at 4% from CBA.

My looking at all this is that they have 'settled' into slower growth. But I am sure they would not knock back a big opportunity. When you consider Tanami (the station and the transmission lines) and the Nova solar, Zenith have proved and moved into 'big boy' territory.

I appreciate your cash view, Stan. It makes me think.