GMc From what I can gather the main factor driving the sp down is the fear that HST will have to raise capital if there is a breach of the banking covenants and the lenders won't provide an indulgence - or the breach is sustained.
From what I have read the covenant in question relates to EBITDA. The concern is that there have been 2 downgrades during CY 2010. This, combined with adverse weather; the UK and Ireland deterioration and adverse $A currency movement affecting offshore earnings, has increased the risk of the covenant being breached.
HST Price at posting:
82.6¢ Sentiment: LT Buy Disclosure: Held
