major milestone coming, page-218

Brett,

SFR have a very good record indeed.

You need to understand the role of debt in calculating what is called the weighted average cost of capital.

Put simply, debt providers require a lower return than equity holders. In return they take a charge over the company assets.

This has the effect of increasing the net present value of the project because the excess returns go to?.... You, the equity holder.

Therefore if you have confidence in the future profitability of Rocklands it makes no sense, at all, in any way, shape or form, to be harping on about being 'debt free'' as the debt increases your potential returns. Do you not want excess returns?

Maybe you and roh can get together and discuss this point. It is not earth shattering stuff.