Ann: Trading Update, page-12

last lodged accounts.....

clearly - that should be adjusted by circa 100m in sale and lease back deal .....

even so - at 3.5-4.0% - its 15m .....

plus the inc in lease costs (6.3m) .....

basically - UNTIL they get 0.6 - 0.8m punters throu the gates in sunny QLD - they wont generate enough cash to pay for the "growth options" and the int bill....

I do agree - there is defintly value in the assets - but the bal sheet is still not solid enough (they could sell ipic equity, net net 30-35m)....

I wouldn't count on the divvy being reinstated until the above in fixed ......

rgds
V_H