Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27

Hoping to see that $65m of cash transferred tomorrow.

Per the previous update they can only close the transaction at a month end date ie last day of the month so my assumption is they already received all approvals / consents early this month.

With surplus cash of ~$20m and a primarily coal services business generating $30m EBITDA (ex gain on sale of equipment) p.a and a net EV of $55m we are seeing <2x EBITDA earnings - this is crazy low valuations....

Maybe a tie up with MSV would be a natural fit given MSV coal / gold dominated drilling business and desire to expand into mining services - and with both companies trading at 2x EBITDA they will have significant leverage to grow and demand better pricing and drive efficiencies.