Takeover possibility, page-29

Indeed he does .....and has done so for 20 years ......

rational thinking

EBITDA - circa 70m
capex - circa 105m
asset sales - circa 30m

implies cash will fall to 95-100m (after redundancies etc).....assuming asset sales go throu...

I also expect to see recievables days inc

they "key" (imho) is the intercompany loan which funds Jaya.........if there is a writedown on this - then the company will go close to debt/assets covenants (inside of Jaya)........regardless of this - with utilisation rates circa 50% (international) - then it wont be able to pay the interest on either bank debnt, or the interco loan (inside the subsidiary)......

imho - they will be forced to do a cap raise to refi Jaya .....

I look forward to seeing the accounts, and what new business can be targeted for the fleet.

rgds
V_H