Quite right Nzak I got my EBITDAs and NPATs muddled up - strange...

Quite right Nzak I got my EBITDAs and NPATs muddled up - strange but true, must be New Year blues.

So the NPAT figure of $10M deserves a higher multiple - probably 6,8 or 10. Yes there is risk involved - that is why I will leave it to individual investors to apply their own multiple but at multiples of 6, 8 or 10 the sp would be 7c, 10c and 12c respectively.

The main point here is that yes it is not producing - but once producing NPAT multiples would be in the mid teens which would be still at the lower band of the industry average.

So whether you use a DCF or multiple basis still appears a buy.

Yes - we do not know how many shares will be on issue, but read the previous announcements. Appears they have hybrid finance jacked up. Appears they also have option to issue shares to a cornerstone investor at a 'significant' premium to current prices.

Seems to add up to me, but respect your position.

Spozzie