Ann: MV Ocean Outback Update, page-18

Oh, look at the small print on page 79 of the prospectus. Lots of things are removed to construct pro forma EBIT.

Their IPO price is actually 14X NPAT because of FX loss on their debt interest payment and increase in debt value, not 12X. They deliberately use FX rate to be 0.75 to give a rosy look of the company and they knew the assumption is unrealistic. It is expensive IPO , not surprised to see the price drop to $1.2.

I found the WLD's business is not relevant on the beef price, but the import permit of the importers. So the good news at the moment is Indonesian increase the permit from 50,000 to 200,000 for Q2 2016. Let us wait their half year result to confirm it. See page 106 of the prospectus.