How to be a Millionaire?, page-36

Grant, you are right that is what is says on the tin. I probably didn't explain my thoughts thoroughly.

The point I was trying to make is, if trading and cash flow has improved dramatically in a year or two and a large chunk of debt is paid down (not inconceivable with NIHL and WIP in the oven). Then, the risk changes.

So I don't think the syndicate would be so draconian if ratios are back in line within a year or two. It may mean another refinance situation to tidy up conditions but that would be a formality if it was the case.

I agree though based on what we know today it would appear the facility is written with a restrictive covenant over dividends until the terms expire.

More importantly, for me and I suspect many, dividends don't matter today, we are after growth from here (well SP growth to bring SP back in line with a $1bn revenue company)