I'm not sure it would be that easy. If debt repayments are $42m,...

I'm not sure it would be that easy.

If debt repayments are $42m, and interest around $9m-$10m, a DSRC of 2x requires EBITDA of $100m. If you annualise 1H17 revenue, assume opex is all fixed costs and annualise the 1H17 figures - even a GM% of 22% (the highest evidenced in recent times) only gets you to ~$92m EBITDA.

I just see a DSCR requirement of 2x for the working cap facilities (largely cash flow lending) being incompatible with a business expanding its shipping fleet via sale/leaseback and vessel financing on largely asset backed lending terms (especially where the vessel finance facilities only require DSCR of 1.2x EBITDA based on the prospectus).

I'm only guessing but maybe one of the other issues with utilising the working cap facilities from an Australian bank is that they are uncomfortable providing finance for the acquisition of cattle overseas (to my knowledge it is easy to verify the ownership of cattle in Australia via the NLIS - not sure if similar comfort is available overseas).

The business model still seems intact as GM% returns to more normal levels - its just the financing of the operations which needs sorting out.