They also amortised 15 million of debt which is 5 million over what they needed to. Only disappointment is they didn't say what the loan margins had reduced to with the refinance.
It is not wonder the SP has done so well, and still only on a p/e of 6.
I think this should continue to rerate as people look at debt being amortised, and the company now talking about growth again.
Primary must be licking their lips at the moment, even if they don't take it over they still own near on 20% of the company and will pick up the SP appreciation.
VEI Price at posting:
53.4¢ Sentiment: LT Buy Disclosure: Held
