best sales record on retirement units, page-8

BEC makes around A$20M a year from memory after paying all expenses including interest payments and depreciation . But best to refer to the ASX income statements for BEC shown in the annual report to confirm.
Agreed ACR is really a subordinated debt behind what BEC owes to its Banks.
SP is down due to uncertainties on what happens if and when covenants are broken. Banks could play hard ball although its not really in their interest unless they feel BEC will fail.