new announcement!!!, page-83

BH - of course you have a right to an express an opinion. Valid points were raised. In fact I agree that EBITDA is the important issue here - and I suggest everyone refers to slide 13 of the investor presentation 3 dec 08: http://www.asx.com.au/asxpdf/20081203/pdf/31f07j54nfg2xp.pdf

The slide indicates that even with a 50% reduction in EBITDA, BLY is still within covenants.

The key I believe is hidden on page 90 of the annual report "testing of covenant compliance takes place twice yearly for the trailing 12 month periods to 30 June and 31 December."

So - the next testing at 30 June covers financial year 1 July 08 to 30 June 09. This should be fine.

This is why management indicates in the recent update that "revised financing arrangements will be in place by the end of the year - IN ADVANCE of the current April 2010 maturity date and the existing year-end 2009 covenant compliance tests."

As far as I can see, EBITDA covenants are in hand - so the next issue is "earnings per share" for 2009. And as mentioned before, this could be in excess of AUD $0.06.