slow and steady we will see some value come

I must hand it to the Directors. They must be managing the relationship with the banks incredibly well.

If they continue to do so they may be in a position where the debt can be rolled over for a longer time frame. That will allow the business to continue to reduce debt.

If the business was worth $0 to shareholders before and teh directors pay down debt each year by around $4m which is less the EBITDA less interest then the shareprice increases by $5.05 per share per year.

I believe that there is value left if the board can secure longer term funding and take a conservative approach paying down debt. This will take pressure of a fire sale and only further increase the value of the business.