Ann: Market Update, page-9

ahhhh, Southern, you are correct. Enterprise value.

So, let us see what the offer should be based on EBITDA of $30 mill this year, and will be $34 mill next year (my numbers are that). And let us use a multiple of NINE... as I want a big number and Zenith is growing

34 x 9 = $306 mill. The offer in is $245 mill ($150 plus $95 debt). So the current offer seems about 20% short. So the $1.01 really should be...

1.2157 (or 1.2175)