Ann: AGM Presentation, page-14

@Hemis,

You are right; I am not being true-to-professed-label here.

It happens sometimes; not often, but every once in a while I come across a situation that I think is a near slam-dunk, money-making opportunity for which sufficient precedent exists, even if I have to hold my nose as I press the BUY button.

I try to confine just 10% or 15% of my invest-able capital to these sorts of ...uh... "special situations". But, believe me, it does not make me proud of myself.

What I was seeing in BOL was a company with a prospective Enterprise Value of less than $90m, but with the capability of generating EBITDA of $25m at higher levels of capacity utilisation which, I assumed, would happen some point in time over the next 3 or 4 years.

In order words, the company was priced for its business cycle being dead forever more.

As I said, this isn't the kind of investment that necessarily makes me like what I see when I look into my bathroom mirror in the morning.