Can you please tell us how you know that SMART has ageing plant...

Can you please tell us how you know that SMART has ageing plant & equipment? Do you have a copy of their fixed asset register? If you don't, then you are speculating here and your comment is misleading other readers on this forum. If you do, then you have inside information that the rest of the market does not.

How do you know that the changes they are making to site work mix (ie. most sites being able to do a full spectrum of repairs) has impacted profitability (assume you mean negatively here)? Again, you either have information the market does not, or you are making speculations but stating them here as matters of fact.

Regarding the refinance, it sounds like they are engaging with a broad mix of lenders and the result will be a syndicate (ie. multiple lenders). There is a significant amount of due diligence that is involved in putting together a deal like this and that simply takes time as each party has their own data requests, questions and so on. Claiming that the CFO needs to go if the deal isn't done before April simply shows you know nothing about debt refinancing and should probably keep your short-sighted opinions on the matter to yourself.

Too many loose statements are being made here when people do not have the facts/knowledge to support them.

As far as the media goes, most management teams couldn't give two stuffs about media speculation, which you ultimately can't control. They should be focusing on what they can control, rather than wasting time and energy caring about the rumour mill, which will continue to turn regardless of what they say or do.