I don't know about the impact of one CA (albeit a large one) on...

I don't know about the impact of one CA (albeit a large one) on share price - but in regards to debt management seem to be heading towards increasing debt rather than the reverse. I suspect debt will be higher in next report due to ACA aquisition (I assume this is funded from debt)

From the annual report:

CONSOLIDATED FINANCIAL CONDITIONS

The Group seeks to maintain an optimal capital structureby ensuring that there is an appropriate balance of debtand equity. The current target is a maximum interest bearingdebt to equity ratio of 30%. At 30 June 2018, theratio was 25%. The Group utilises a combination of shortand long-term debt to ensure that it has an appropriatelevel of liquidity available throughout the financial year.

The implication of the above is that they have no plans to reduce debt but will maintain or increase debt. I'm not particularly happy with this development as when i bought into the company debt (and therefore risk) was very low. Though i understand that in current circumstances acquisitions must come from debt, by maintaining 25-30% debt Shine will have fewer bullets left in the chamber should things go awry.