I guess I was venting a bit in frustration at the impact on the...

I guess I was venting a bit in frustration at the impact on the SP of the so called "takeover" as well as the repayments draining cash.

Yes FND made $27m cash from operations during the quarter, but then $16m of it went in repayment and hedging. For the year cash from operations is a very healthy $69.5m but repayments and hedging swallow $57m of it and cash on hand is only around $2m. With that level of cash drain, any expansion would require an equity raise in any event as there is no ability to service further debt. The alternative is to wait until debt is repaid/negligible before commencing expansion or remove the debt now to finance expansion through a better debt arrangement. The risk in waiting is that commodity prices drop, so potential profits are lost while FND repays debt. Its like FND is stuck in the mud, unable to move forward while the burden of debt and hedging losses hang around. The prospect of doing something in Australia might sound good, but the company has no ability financially to do anything. The takeover just adds another complication.