Their debt on looking deeper and getting more interested in PPX...

Their debt on looking deeper and getting more interested in PPX is actually very manageble and I do not see any chance of a rights issue at these levels .

They have no debts maturing in 2012 and have not breached any covenenants

Over $120m cash at bank

Expecting to be cash flow positive on restructure

Gearing only 18%

Balance sheet shows $736m or 14 times current market cap as net position

Revenue is close to 4.5 billon

Bought more today , and will be happy accumulating more in the 8s before the company announces any news on the progress of its restructuring .

In looking at the annual report was very interested to see a major competitior has popped up in the top 20 , only 2m shares but interesting all the same .