Yes, they have a 39.6% debt to equity ratio currently but this should improve as their equity increases. The $96M debt includes the non-scripted portion the $15.5M purchase of SMS. I think PGC's debt levels are sustainable at the moment... more important (in my opinion) is Cashflow and Capital Management which I think is where PGC have some strength due to healthy gross and net margins and an ability to increase prices on the back of inflation as necessary. No doubt that dividends will need to be managed carefully though as you mentioned, and I wouldn't expect them to increase in the next year... I'll be happy for them to just be maintained.
Ann: Results of Annual General Meeting, page-18
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