ZwuThe MIS land sale and GNS own plantation land sale is all...

Zwu

The MIS land sale and GNS own plantation land sale is all bound up in the ongoing pulp mill saga. If the pulp mill does not proceed then we will not see a sale of the MIS land. It is part of the package.

I agree cashflow is important and you are right. I suspect little or maybe small negative operating cashflow for last year (2010). However for convenants all that matters are three things, total debt, total EBITDA and total equity, as these are the three things used in covenant calculations. On these measures GNS is looking okay but mostly due to the GTP management income that they are booking. The small operating cash out flow for last year that you mention really does not have much burden on these covenant measures at least for now...true if the ongoing operating cashflow is negative it will show up in these measures but at least for now EBITDA is more important....and they have escaped because of GTP....need to see what profits will be in 2011 to judge covenant position for next year.

Lord