"Under existing covenants, Myer must maintain shareholder equity of at least $500 million. Equity at last balance date was $1.07 billion, underpinned by $986 million of intangible assets.
If Myer wrote down intangibles including goodwill (which is in the books at $465 million) and brand names ($422 million) by $600 million it would breach the $500 million shareholder equity covenant."
Shareholder equity looks to be about $450 mil to me.
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