Ann: Update on Japanese Sales-CDY.AX, page-57

Siren, rather than talking in terms of "baggers" I think there is more value in discussion to talk about the earnings required to justify the SP being at 10cents. My back of the envelope calculations suggest an EPS of at least 0.5 cents per share could get us there. With c$1bn shares on issue, this would equate to c$5m of net profit and if the market considers a PE multiple of 20x is justified then a SP of 10 cents is quite feasible. Focusing solely on the Consumer healthcare business and assuming margins of c70% and Osi's estimate of corporate costs at $6m then I think sales of c$16m would generate c$5m net profit. With Japan doing $500k alone in the month of April, $16m may easily be achievable over the next couple of years. I can clearly see now why Maria put midkine development on the back burner to focus on the engine room.