whats going on here ?, page-3

could be a bit optimistic about dividends making such a big impact on gearing. 1/2 year profit of 12.6 mill doesn't make big dent in 410 mill debt facility. 50 mill not being renewed by hsbc this year & 360 mill upfor reveiw over next 2yrs. This was not voluntary, they had a choice, no divi or capital raising to cover the non renewal of hsbc's facility. the future? management refuses to guess! Mining:blah; Construction:blah; decorative:discretionary spend blah; so unless the bulding/mining/housing (75%of business) is going to improve sharply over next 12 months you can forget about a final divi as well. Just hope that cba anz &pnb don't all want a reduction in their debt facilities to ALS in the next year or 2. If you were a bank wouldn't you like to reduce your exposure to such industries in such times as these. foreign bank pnb will probably want to pull in its overseas exposure(100 mill) as has hsbc. All getting a bit tight financially. So at $1.80 is it good value?????
ANSWER: cheap as chips ; get into it now(or next 6mnths) to stop yourself crying in 3 yrs time