Q: Hi Peter and team
It is Ross again about EIF.You answered my first question this morning and I sent a second question querying your answer regarding the payout ratio. I have since been in touch with the president, Mike Pyle, who clarified some points. He appears to be using free cash flow to designate what I call cash flow and yes, they are over distributing this quarter because you have to subtract maintenance capital from the "free" cash flow.But the over distribution is only because of the strong seasonality of their results and Q1, 2013 was better than Q1 of 2012. Over the calendar year, their distributions are well below their yearly free cash flow minus yearly maintenance capital.So you may want to ignore my first question. Feel free to publish (or not) whatever you think best. Thanks
Ross
It is Ross again about EIF.You answered my first question this morning and I sent a second question querying your answer regarding the payout ratio. I have since been in touch with the president, Mike Pyle, who clarified some points. He appears to be using free cash flow to designate what I call cash flow and yes, they are over distributing this quarter because you have to subtract maintenance capital from the "free" cash flow.But the over distribution is only because of the strong seasonality of their results and Q1, 2013 was better than Q1 of 2012. Over the calendar year, their distributions are well below their yearly free cash flow minus yearly maintenance capital.So you may want to ignore my first question. Feel free to publish (or not) whatever you think best. Thanks
Ross