what is fair price, page-62

Ausbert

I dont think paying all debt back makes sense. I think 2018 will be more difficult than 2017 where supernormal profits can be truly anticipated. I think debt paydown in 2018 2019 2020 wont exceed $75M pa if there is to be growth.

........which would still leave $225M debt in SGH in 2020. HUGE guess and error margin poss. By then I expect $225-250M PAT as natural expectation.

However - I expect a FTSE dual listing by 2020 too and it would be a good time for a placing.

MEL