ehl way oversold now, page-24

Lara: From the Nov AGM MD and Chairmans Address:

"We expect the combination of solid earnings together with conservative capital deployment will contribute to a strong free cashflow in 2009 which will further strengthen Emeco’s financial position.

The recent substantial fall in Emeco’s share price is disappointing for all shareholders. In light of this recent share price trend, I feel it is important to make some comment. I would emphasize that, relative to our peers, the decline in our share price has not been as dramatic, which suggests that the underlying reasons for the decline is due to broader market sentiment rather than anything specific to Emeco. This is supported by the underlying performance of our business and the general outlook provided today. To illustrate this point and using the most conservative measure of net tangible assets, the current share price is trading at a discount to our current net tangible assets of $0.78/share, notwithstanding the values observed in the market today for our equipment are at a premium to the carrying value of our net tangible assets."

"Having now completed the first 4 months of trading for 2009, I’m pleased to report that the business has performed as expected with utilisation and earnings tracking positively."

"The Company faced some challenges early in the financial year, however these short term events were overcome to finish the year strongly and provide a solid foundation for 2009."


Anyways.... At 28 cents - still think i's one to stand out of th elist of many many others. As for the $200M debt - we've got 3 years and expect impovements in 2009. Feb results will show this.

Good luck

iPod
DEBT CONTROLLER