interim results are out, page-11

Mike,

As I mentioned I feel they may record EBITDA circa $16m for second half. With DA of $3m and interest of $700K that gives an 2HFY12 PBT of circa $12.3m. I think they will have residual $3m of tax loss cover thus tax at say $2.7m giving a NPAT of $9.6m for 2HFY12, or 3.8 CPS.

This is strong, but I feel that ongoing growth at traditional REL dewatering business, coupled with huge DSA 2H turnaround, could deliver this result.

Just my views.

Relaxan

PS if, hopefully when, they announce a Woodie Woodie contract extension, I suspect we will test your 50 cents, so you may not be waiting long re your Hold/Sell call.

I feel that this stock had a series of setbacks in quick succession which resulted in a flushout of sellers. suspect excess demand in coming period to drive price.Again just my view.