I’m a big fan of the waste industry and Bingo but if I’m reading the annual report correctly then
* they have a total leverage ratio under their banking facilities that the ratio of net debt to EBITDA cannot exceed 3.0
* net debt is stated at 274.073 million
* statutory EBITDA is 72.4 million
ratio is therefore 3.78
Shouldn’t they be paying down debt and not doing the current share buyback?