earnings guidance, page-2

you are mistaken.

the loss in 07 was due to one-off costs which included loss business due to the IT meltdown which resulted in significant loss of revenue in the final quarter of the FY07 year. To add to that the roll-out of franchises was also slower than expected .. those are the main reasons why there was a loss booked this year and not a profit. had these two things not happened (more so the IT meltdown) there would have been a healthy bottom line

And just a quick fact.. EBITDA is inclusive of interest expense. so thats 65-72m EBITDA guidance for FY08.

However I agree with your comments about an equity raising (rights issue hinted by Chairman) or potential cornerstone investor (however unlikely since data room has closed).

Just to add there will be no rights issue until the SP has recovered to a respectable price which more accurately captures the value of CDR.

I suspect this to be after the half yearly results which will show CDR on par or ahead of forecasts.. so will be looking at the higher end of the 65-72m EBITDA guidance for FY08.

I will expect CDR to be anywhere between 50c-60c before the half-yearly results come out.. and from there on 70-85c is my best guess. Any further than that.. is too far to predict.