Legend is still carrying a lot of debt, but they've managed to...

Legend is still carrying a lot of debt, but they've managed to chip away at it a little. And the banks have given them the full benefit of interest rate cuts - they're paying 3.45% - which is better than many businesses have managed, and suggests confidence. EV/EBITDA remains around 4.

But everything still hinges on operational results. Legend has some diversification, but I think all of its units are highly exposed to the general downturn. I can understand the directors not being able to offer a forecast.