It's a balance sheet story and how well cashflow ties up with reported profits.
Debt facility has a covenant of 3.5x pre-AASB 16 EBITDA, they finished FY23 at 2.9x. It's above 3.0x if you unwind a working capital benefit in the accounts as well. FY23 Operating EBITDA was only $66m and the company has flagged at least $69m in expenditure for FY24 ($30-$40m CAPEX, net $22m lease/ROU payments and $17m finance costs).
They've got ~$100m headroom on the debt facility but leverage ratios limit how much of that they can draw down. Sailing pretty close to the wind in the absence of any improvement in trading.
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