Can you advise how they haven’t breached the debt covenants?
Given a A$185m gross debt or say a generous A$150m net debt for them to not be in breach of the 1.5:1 net debt to ebitda ratio they would need annualised ebitda of A$120m. Are you suggesting their ebitda for the last quarter was A$30m+??
5 days of pain ahead....., page-11
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