Was there.Not a lot of new information. All staff looked very...

Was there.

Not a lot of new information. All staff looked very relaxed. There were no powerpoint presentation (as Hawkeye mentions), so no ann, I guess.

McGowen very upbeat. Reiterated that he would be "very dissapointed" if 1/2F 2011 were not better than 1/2FY 2010 - seemed to think the problems were behind. Time now for some borrowing. None of which is new.

The main info I got was that the international big jobs are cashflow positive from day one, CBD typically receiving 40% upfront, 20, 20, 10 & 10%. That is a relif for cashflow purposes. Also, to a question, it was stated that "the Italy contract" will still go ahead and will not be compromised by recent announced legeslative changes there. All approvals are in place, so will operate under old arrangements (with very attractive margins - my comment here). McGowen did say seperately that he expected the current contract "could well", "probably will", or words to that effect, be doubled in the near future.

I went looking for a crack in the good news story and came away without one. If all as seems, CBD is a great buy at current prices.

McG spelt out negative cashflow - approx four month lag from purchase of material to selling RECs (with smaller input and output im between). He espects the sale of RECs at current market prices ($27-$37) will no longer be necessary if borrwoing allows them to wait the extra three months to get 'dealer' rate of $40 per REC set by Gov.

Sorry if too much detail here. Got carried away.