my analysis of today's announcements, page-30

Just 3 quick points.....

1. Was the $99M free cash flow partly due to the capital/improvements on assets paid for in cash? Simply put, like renovating the house from the rent money.... free cash is poor, but asset improves. I doubt they will spend any more money on improvements going forward bring more free cash in (most of these projects started years ago before the meltdown).

2. Any conversion of SPARCS is like a capital raising. SPARCS is seen as debt on the balance sheet, so if it converts to shares, then yes, more shares (hopefully the SP has rallied a bit by then), but less debt means better gearing ratio.

3. Anyone noticed the NTA? 66c is the pure NTA, but $1.84 ish is the real NTA. As someone meantioned before about contracts etc. A Port for example is worth more than the land and the machinery value...