Great ann just out!!!!Basically, re-affirms my 77c is WAY TO...

Great ann just out!!!!

Basically, re-affirms my 77c is WAY TO CHEAP!!!!

Nice!!!!

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Boom Logistics Limited Announcement 18th February 2008
ASX code BOL
The Company’s Directors wish to advise the market of the following:
• The breach in banking covenant advised to the market is a “technical” breach resulting from non-cash Boom Sherrin depreciation adjustments of $1.226 million in
the first half 2008 result. Without this adjustment the EBIT interest cover ratio would have been over 3 and no breach would have occurred.
• The banks issued a waiver in full recognition of the technical nature of the breach and with a clear view of the Company’s accounts and forecasts.
• There are no penalties associated with the technical breach and there are no constraints on management of the Company’s business.
• The Company’s bank facilities remain in place with no change to any conditions other than the waiver and the Company has only approximately $14 million of borrowings
subject to refinancing during the next 12 months in addition to the rollover of normal trade finance facilities. The refinancing component comprises a mix of commercial bills and equipment finance.
• The Company’s business is a strong cash generator and with an EBITDA to interest ratio of 5.2 is well able to service its borrowings.
• The Company has no requirement for either additional debt or equity finance facilities to sustain the current business and organic growth projections.