P - i hadn't pulled apart the numbers to the extent you appear to - but I agree that the acquisition is not pulling its weight from what I see. So a write-off of, say, half the value of Reservoir would be a nasty shock (at $285m for half of it).
Net gearing might move to 64% in that write-down scenario, would be very high, ANG has a covenant at 40% I believe, but that is a very different business really. ALQ have never mentioned a net gearing covenant by the way. ALQ would still be strong on leverage and ICR covenants I would think.
Anyway - not suggesting there will be a write-down either.
Good luck to holders
ALQ Price at posting:
$7.50 Sentiment: Sell Disclosure: Held
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