Pilatus,
Net debt a little over 10% of EBITDA is really quite trivial in most people's minds, not sure why it is getting you so worked up.
As for your easily falsified strong assertion that there was " no way " PNA could continue to pay dividends. Notwithstanding that imho there will still be sufficient free cash after capex, there is always the option to defer capex, or the option to pay for capex from either the existing cash, or from the existing debt facility - ie at least three "ways" if my opinion is wrong.
EL
nice dividend -- don't forget, page-14
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