EBITAW, page-78

It is amazing discussing tax deductions and write offs that would potentially add dollars to the share price or wipe out much of the debt. Sgh is getting a tax free holiday for many years. Tax deductions are a significant assest. I think deferred tax liability at the last report was $180m so I presume this will mostly get wiped out increasing equity and lowering the gearing ratio. I don't see the gearing ratio being above 40% by June 2016 particularly with the NIHL money coming in.