Ann: HY20 results conference call, page-6

I get similar figures for the drilling business. Say $30m - $35m EBITDA @ 3.5x - 4.5x multiplier = range of $105m (low) to $157m (high). With 260m shares on issue (according to HY report), this gives 40c - 60c per share for drilling business before adjusting for debt. So say 35c - 55c after adjusting for debt.

At cost ($25m to date) Orexplore is an additional 10 cps.

Did anyone else feel that Kent had already some viable options for drilling business available as they were going to 'update the market shortly' or something along those lines? Potentially focus of strategic review is really on how to approach Orexplore float.

I can see one possible outcome along the lines of (a) sell underground business, (b) close surface business or sell for circa $5m / equipment cost (it's dragging the rest of the business down), (c) rename existing entity to Orexplore and capitalise with part of sale proceeds, (d) shareholder return with balance of sale proceeds.