On page 8 of the End of Year report, they state that they bought land in Bladivis WA for $26m 'shortly' after year end. This settled end of August this year. With only $1.9m in cash, it would be assumed borrowings were used for this purchase.
Debt/Equity still not excessive, but the extra debt is a risk all the same, and something to keep an eye on.
Ann: Cedar Woods chosen by Renewal SA for Glenside, page-8
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