Birch and Waite ......latest Blue Sky project, page-22

Its impossible to calculate properly. The annual report will shine some light on it, but that not till August. They are projecting an "underlying profit" of $20Mil to $25 Mil, which based on the Half year report would translate to a consolidated net profit of 5 Mil for the 2nd half. Now extrapolating that to the next level their aged receivables increased by circa 10Mil based on the half year statutory profit of 9.8mil, so if as Glaucus suspect, their management fees are unsustainable, then the cash burn rate for the 2nd half would be around 5 Mil (ie, profit 5 Mil, but 10 Mil in uncollected fees = 5 Mil shortfall)