With legacy issues behind them and the large impairments...

With legacy issues behind them and the large impairments (hopefully) taken in the last FY16, should hopefully see improved margins albeit on a reduced revenue base.

From managements recent shareholder addresses and reports, I'm generally under the impression that debt covenants should be comfortably met without significant dilution and/or further leverage. Circa $20 - $25M debt with HY17 PBT forecast to come in at around $5M, I believe that they should be able to fund repayments from internally generated cash. Add to that the significant Tax-Loss Carry-Forward they will likely be eligible to infuse into FY17 earnings and that should provide significant tax relief going forward as well.