ew1,Thanks for the data. Not sure how this translates to...

ew1,

Thanks for the data. Not sure how this translates to profitability for Redbank but would be good to compare Vs last year.

The board stated last year that the impact of the unplanned shutdown was a reduction in revenue of 6% and a reduction in costs of 4%. Based on that feedback I estimate that the mgt EBOTDA would have been higher by $2.3m so the result would have been closer to $28.6m rather than $26.3m. This change alone would have added approximately $20m more invaluation of Redbank or $25/share.

If they have a good run this year and Mgt EBITDA exceeds $29m the cash generation will help reduce debt and increase shareholders value!