valuation has just increased, page-4

Some questions I would like to ask..

Why is Property, Plant and equipment $51m, while borrowings are only $14m.

Does the equipment require a large cash collateral, and the financiors only able to lend $18m?

How much revenue can that $51m generate? is the equipment currently fully utilised?

The business seems to be a very capital intensive business, rapid growth could mean cashflow issues, as we have been seeing.

I was initially under the impression that all the equipment was under HP/lease, and that way at least the cashoutflow could match the revenue coming in.

Don't get me wrong, still a LT holder, just want to clarify.