report, page-7

i've had a bit more of a think about this:

honestly, with the company's complacency about reducing actual debt, should it make one wonder about whether creating wealth for shareholders is high on their priorities? The board and management at IDL know very well that their high level of gearing (and i'll try to take of my rose-tinted glasses here - in terms of actual debt it is very high compared to most of it's peers) is keeping them off the books of alot or most institutional investors... they have rules which I'm pretty sure prevent allot of them from investing in companies geared as high as IDL

and the other problem is this - ok so you don't pay off the debt but rather hold cash so you're locked and loaded for potential acquisitions... all well and good for expanding the revenue base which in turn may make it quicker to pay off debt in the long term...,

but isn't this questionable AGAIN in the context of creating value for shareholders, in that the low PE IDL is trading at makes it quite difficult for any acquisition to be earnings accretive in the near to medium term? and if they're not earnings accretive therefore the SP will not reflect any benefit

please correct me on this if I'm off track (and clearly I have been before)...

i'm quite dissapointed that debt hasn't been meaningfully paid down... i've read a number of broker reports that have SPECIFICALLY said IDL is discounted because of their quite high gearing... and I doubt that any acquisitions due to factors stated above will benefit shareholders in short-ish term (I don't plan to hold IDL for a few years years or whatever, no apologies for that I have no idea where I'll be in 5 years)

please guys do you have any opinions? agree or disagree?

thanks for reading my ramblings and thanks in advance for any response