Hi O.C, you can chose to ignore the covenant breaches, but the...

Hi O.C, you can chose to ignore the covenant breaches, but the market won't. It all adds to the risk profile. That's why I say it should be an objective of any re-financing to get them removed, or at least relaxed to a level that can be achieved. Perhaps it's lowering the overall net debt that allows it to be achieved with an equity partner, but however they structure it we don't want to be in position of being in breach of covenants every quarter. Just leaves you at mercy of lenders, not a good position to be in and gets reflected in share price.

Just my thoughts though, others may see it differently.