Ann: Appendix 4E and Annual Report-AMA.AX, page-13

My reckoning was based on:

* Current business (without further acquisitions) will probably get to $50m EBITDA

* Acquisitions from debt facilities could by another $20m EBITDA (after synergies)

* EV/EBITDA of 8x (based on maximum Gemini transaction multiple of 7.5x)

* EV of $560m, less $40m net debt, gives $520m market cap

* 473m listed shares + 25m unlisted shares = 498m shares

* Share price of $1.04 (assumes the 19m unlisted options won't be exercised given the $1.20 exercise price)

There is probably capacity for more debt to be taken on for acquisitions etc., further synergies as they grow, and possibly EV/EBITDA multiple expansion but I am happy to cash out and move on elsewhere.