ier, page-10

The most important information from the report is that management forecast of EBITDA for FY14 is effectively >$2.89m and for FY15 >$5m, otherwise they wouldn't have set the performance share conversion hurdle at these levels.. They should already be pretty confident in the FY14 number considering we are nearly half way through this year. Valuations should be based on an EBITDA multiple.

Obviously the business is in need of funding for some capex and debt pay down (hence the reason for listing) and the cash injection from listing should provide the necessary fuel for some extraordinary growth in the years ahead..

To me it looks like a well run business, tapping the market for fundng to push it ahead of it's competitors at the right time to take advantage of a booming industry..