I've been told told by people familiar with the industry, that...

I've been told told by people familiar with the industry, that businesses like TSI sell for 8 times EBITDA. That is why I put a post up about the leasing situation, as it is sort of central to this.

Looking at the last 2 TSI quarters, you could make a case for $12m EBITDA for a full financial year. Assuming it is calculated in accordance to apply the multiple, that is $96m. If you take off the $34m debt etc, you get to circular $60m, 25% of which is $15m. Now I'm not saying it is worth that, but that is why we need more colour around the announcements to work it out. Failure of this board to do so is part of the reason I will back new directors to at least give us the real state of play. Let the cards land where they will.

Cheers