Sammy have to say your not far off my thinking there either. I...

Sammy have to say your not far off my thinking there either. I have 2012 EBITDA of $24m as my low calculation. Post the payment of debt (bearing in mind they'll have $15m cash, but one $15m payment due) we'll have net cash of approx zero.

I'm not going to give a figure because the shareprice is girating a bit too much, however, needless to say, the EV/EBITDA ratio is rather attractive. It certainly looks like a takeover target, however I do disagree a little in that I do believe we could remain an on going listed company at this size. It all depends on the market picking up and our business's ability to grow in the next cycle. Strengthening our balance sheet now, while the business cycle still appears to be near its lows, seems like a very very wise move.

Hats off to the management team...can't believe I'm actually referring to the PGA management team in a positive light. hahaha