under valued, page-67

I think it is good, although cash didn't increase, the impact of provisional pricing will have a 2m benefit this quarter, and the reduction in KI creditors also had a real impact to increasing underlying value of the business. the reduction of rail liability by 6 m also increases value of the business so we had a 10m improvement in the business despite a crappy Dec and Jan IO price which impacted revenue. The high prices achieved in March will flow through to april sales price and the good start to April will translate to May. This quarter will therefore be the first quarter to fully realise the benefit of the higher IO price