P - i hadn't pulled apart the numbers to the extent you appear to - but I agree that the acquisition is not pulling its weight from what I see. So a write-off of, say, half the value of Reservoir would be a nasty shock (at $285m for half of it).
Net gearing might move to 64% in that write-down scenario, would be very high, ANG has a covenant at 40% I believe, but that is a very different business really. ALQ have never mentioned a net gearing covenant by the way. ALQ would still be strong on leverage and ICR covenants I would think.
Anyway - not suggesting there will be a write-down either.
Good luck to holders
Ann: Chairman's AGM address (incl. First half FY15 guidance), page-5
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$14.75 |
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Mkt cap ! $7.147B | |||
| Open | High | Low | Value | Volume |
| $14.81 | $14.90 | $14.59 | $21.71M | 1.474M |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1552 | $14.72 |
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| Price($) | Vol. | No. |
|---|---|---|
| $14.77 | 1846 | 2 |
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