I know I've stated this many times and people are sick of it but the pound is plummeting against the $A reaching 0.6306 pence as I type
The £375m + $A90m facility is now worth about $A685m and was 88.6% drawn at the last half so net debt has dropped to about $607m even if the company is net cash flow neutral this half.
If cash flow positive, net debt will now be below $600m which is a massive reduction from the $740m reported at December 2015
In my view it would be very unusual for a bank to force a CR or asset sale under the circumstances that debt has dropped $140m in 10mths. Such speculation is fanciful at best
SGH Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
