Key investment view of GS JBWere:Maintain HOLD. We note at 31...

Key investment view of GS JBWere:
Maintain HOLD. We note at 31 March 2009 the company had $2.9m cash available and was fully drawn on its debt. Based on the April data and our estimates going forward, we forecast Apex will be generating ~$20m of free cash flow (after expansionary capex) in the current quarter and we believe this should represent the turning point for the
company.

With debt fully drawn and minimal cash at March end I just would've like to have seen something, anything, in the last update that said "AND FOR THE AVOIDANCE OF DOUBT we are not running short of working capital ..."