2005 annual report page 5 below says in December(2004) the loss...

2005 annual report page 5 below says in December(2004) the loss was going to be $40m so the write increased $22m.That means you could add the capital raisng minus this to the profit perhaps?That is $50 - $22m / 1011= $28m/1011m = 2.8c

modfiy previous calculation:

in Feb05 the brokers were recommending about 42c
the number of shares has risen from 645m to 1011m
the dilution would be 645/ 1011= 0.64
that brings the price prediction to 0.64 x 42c = 27c.......add 2.8c becomes 30c
then the predicted earnings were $14.4m to $15.7m

the earnings were actually $20m for 2005

the company says the 2006 profit may be 30-40% less

that would be at least $20m x 60%= $12m

now using the 27c based on at the most $15.7m(already diluted for number of shares increased)
the predicted price would be(all things being equal)
27c x $12m/ $15.7m= 21c lower limit(rounded up)............becomes 30x12/15.7=23c

now if profit is unaltered at 20m
27c x $20m/ $15.7m = 34c(rounded down).................becomes 30x20/15.7=38c

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from 2005 annual report page 5 :

Highlights
Nylex Limited has delivered a net operating profit after tax (NOPAT), but before divestments and writedowns, of $20.039 million, which is above its forecast range of $17.000-19.000 million. Further, earnings before interest and tax (EBIT) and before divestment and writedown considerations totalled $34.556 million, an improvement of 55% on last year.
Nylex has recognised a total adjustment for recoverable amount write downs and restructure and reorganisation provision requirements of $62.110 million, an increase of $22.110 million over the $40.000 million write-down announced at December. The need for these write downs reflects the difficulty in operating in the automotive industry. Nylex maintains its strategic objective of reducing its exposure to the automotive industry in the medium term.
Divestment activity continued at a slower pace during the 2005 financial year, with Nylex completing the divestment of Marsden & McGain Pty Ltd, Hendersons Industries Pty Ltd, the Huntingdale automotive business, various small hose and mesh businesses, and the plastic containers business. In addition, a number of properties surplus to operations were divested.
Nylex’s equity position has been strengthened considerably during the 2005 financial year. On 31 October 2004 the group’s Mandatory Converting Notes were converted to issued capital, with a net increase in equity of $64.573 million. In addition the company recently completed an equity raising of $50.137 million (gross) comprising:
• an initial share placement in April 2005 raising $28.810 million;
• a further share placement in June raising $11.190 million; and
• a Share Purchase Plan of a further $10.137 million, completed in July 2005.

These share placements were approved by members at a General Meeting held on 8 June 2005.
The proceeds of the equity raisings have been utilised to reduce both long term and short term interest bearing debt, and to strengthen the Group’s working capital position.
Further information on business performance is contained in the Five Year Record on page 70 of this Annual Report.