record month for tui, page-12

you didn't convince me. You need to have a good study of their balance sheet sentia.

Bear in mind that they had to sell their PPP shares because they needed the cash.

They may have a debt facility for Kupe, but that does not necessarily mean they will use all of it.

And I recall they have a commitment of up to $25M for working capital for Pike River Coal if they need it.

And they have Tui debt to be paid off, over the course of this financial year if I recall correctly.

I would be very concerned if a company like NZOG went into debt to make acquistions, unless that acquisition is cashflow accreditive from the beginning.

We need to wait for the qrtly report to see exactly where all that cashflow lies (ie has it flowed into the NZOG bank account or is it still in the JV bank account where NZOG does not have direct access to it).

They are certainly in for some serious cash inflows from Tui, but they have a lot of outflows as well to take into account.