Thanks Snouty for the industry info.Management have given FY09...

Thanks Snouty for the industry info.

Management have given FY09 guidance EBIT of $30m before corporate costs.
Allow $2.5m for corporate costs, as in presentation, and $4.5 for interest gives $23m.
Allow 30% tax gives earnings of $16.1m.
Apply 10x earnings multiple and reduce by debt 161-45 = $116m
Divide by 105m shares gives $1.10 per share.

So we are back to around the dollar per share offer which was previously rejected. Still alot better than the 56c closing price today.