Ann: Market Update - 30/06/15, page-6

Hi Madamswer

I got out of PMP too early, but I was the first one to call it.

I reckon that BOL is at least nine months away from when PMP first became attractive - absent a surprise recovery in the sector.

Add back the debt and take the lower end of the EBITDA range (which seems sensible), and BOL is on around 5x EBITDA.

That's not unduly cheap for a company who had to go cap in hand to their bank, have debt reduction targets to meet, and then a refinancing to come.

I would also rate Peter George of PMP, who went from non exec to MD and led the recovery, as higher calibre than BOL management.

You will probably be right in the long term, but no slam dunk in my view.