overview, page-3

Vlad

Nice one, but can i add the following for comment:

Fully diluted shares will probably be around 850mil (includes 35mil unlisted options).

20% sundry appears low if it includes tax.

Sure there will be tax credits from previous year accumulated losses, but the tax rate alone is 30% and MMRT if comes on line would add another 6% imo.

My numbers are below using a PE of 10, 850mil shares fully diluted, AUD$ at 0.98



Looking at my numbers again my call of $7.50 is probably low and imo more like $8.50.

Also note for each 2 cent decline of the AUD vs USD it would add approx 3 cents to the EPS or 30 cents to the SP if using PE of 10.