I would have expected to see a bit more than $86 million in the bank after a $224 million EBITDA quarter. This will just cover the 10cent dividend.
Yes they paid down debt during the quarter, but as at Mar-22 they owed a bit under US$90 million on the bond, of which US$60 million was paid off by the prepayment. So US$30 million (roughly AU$40 million from operating cashflow) would have been paid this quarter. The US$20 million convertible note was converted to equity, no cash flow.
They had $87 million of creditors as at Dec-21, they could be paying that off I suppose. Hopefully they are spending money wisely, developing Springsure and not buying the management Unimog's as bonuses.
I would have expected to see a bit more than $86 million in the...
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