give up, page-9

Checked with company re their earnings announcement. The position re 2008 EBITDA pre non recurring and abnormals, was $52 million. This was ahead of the forecast in the explanatory Memo for the general meeting back in April. so still a mystery why they have pulled back the 2009 forecast, hopefully this is to set a lower expectation that they can outperform. Living in hope!

Based on my numbers, using their 2009 EBITDA guidance of $100m, SOT now trading at EV/EBITDA 2.2 times versus IIN at 4.4 times, note that we paid about 5 times for TPG. Gee the market really does not like this company for some reason.