Ann: Appendix 4D Half Year Results Dec 2011 , page-2

I think the important figure in this report is Net Debt. There is a whole lot of reasons for performance, future hopes and accounting entries, but the truth is the cash.

The ability to keep getting support from banks while cash flow negative is essential.

The net debt increased from $75 to $87m. Interest payments are increasing. At this rate it will be $100m in debt at the next report. While the market cap is about $10m.


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