9 for 10 renounceable issue - cr @ 50c, page-18

DS - yes - it possibly is one best left alone. It is very hard to understand the business without seeing a schedule of expected incoming revenues. The company could provide this information if they want the retail offer to be successful - does not need to say which ship if there are confidentiality issues. They are doing this with their debt due dates - so why not? They say there is four years of revenue visibility, with a record order book of $2.3b. Can we assume there is about 600m per annum?. I'd assume there are staged drawdowns.

You can do a fairly good estimate of the throughput as the number of ships and timeframe is outlined quite clearly.

Other big issue is being out of the rumour zone - if there is a cancelled defence contract - then that would be the end of Austal. It would be nice to get an explanation as to whether the LCS mission module problems are Austal's problem at all, and whether these problems are ongoing.