AHS100s - fair enough mate basically - as I read it: sell some...

AHS100s - fair enough mate

basically - as I read it:

sell some boats into 2018,

ebitda 25m +/- - which will just pay the int bill ......

the 7-8m a year "rebate" continues to go throu the P&L (cost of securing work in Oz.....at almost nil margin) ......

then they have to find 200m into 2019 ......................plus or minus .......

I see the attraction .......(operational leverage).........but will simply wait till a deal is done ........my risk - is a lower potential retrun (compared to the braver people)......

rgds
V_H