please correct me.., page-8

Hi Nzak,

Your return of $15M/$135M is based on an ungeared situation which is simply not the case.

You need to use your return of $15M then deduct finance costs and recorrect tax calculations.

You end up with an EBITDA of about $10M.
No. of shares on issue are 624M including oppies.

So EBITDA x 2 - SP = $10M x 2/624 = 3.2c
An EBITDA x 4 - SP = $10M x 4/624 = 6.4c
An EBITDA x 6 - SP = $10M x 6/624 = 9.6c

This is for the Argentinian asset alone.

All you need to do is decide what EBITDA multiple you want to use for your own calculations.

Anyway all will be revealed in two weeks when financing is concluded.



Spozzie