appendix 4c, page-7

I did some speculative thinking since last night... IF (and its a big if, as in the past they have had lots of interesting ways of turning what one would think was a profit into a loss...) the NPAT turned out to be $1.3 Million from the forecast $8 million EBITDA, then eps would be around 1c per share... that would equate to a p/e ratio of around 5 at the current sp. Considering the current market climate that wouldn't be completely unreasonable :( It isn't factoring in any growth, but the company in reality still hasn't proven itself.

The more I look at it, the more inflated the price was just before the capital restructure.... that impulse buy just before it happened was a big mistake!

Tony.