Debt of over $100m and market cap of $140m - trading on an enterprise multiple of 15 times!
Banks will want the debt down to $60m as a minimum in the credit risk adverse environment we have entered.
Agree, CEO nice and confident about FY19 but then again I suppose he would say that in the circumstances.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Looks to be the banks have provided a waiver for the covenant breach on the basis the sales proceeds from the just completed property settlement are used to retire debt. Perhaps that long dreaded CR isn’t quite so likely afterall ....
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