It looks cheap especially when you consider part of the debt has...

It looks cheap especially when you consider part of the debt has been paid off,a slightly higher profit would have a reasonable dividend yield with this market cap my caveat is if some detail has been missed as I'm under the impression that fully underwritten means money guaranteed but its so cheap I would tread carefully just why is it down to penny's some don't like it? There are some new shops opening with the opposition but its partly looking to be offset with a few independents going into administration now and more to follow with 4-500 mid sized independents shrinking or closing over the next 4 years.My ancedotal opinion is 2 other large up and coming MSO's are really chugging they are not setting the world on fire and are in for some brutal competition wouldn't be surprised to see some form a merger or get floated on the ASX the moment of truth will be a 10% drop in TO coinciding with expansion of the Drive Group ,some industry reports are forcasting a 10% rise in revenue this FY followed by a gradual easing dropping down back 10% by 2007.

Heaps of questions but its a "high risk" bet for me with a timeframe of course