Link is in reasonable shape despite its somewhat stretched net...

Link is in reasonable shape despite its somewhat stretched net debt/EBITDA ratio of around 3, following the recently announced PES acquisition, which is above the company's target range of 1.5 to 2.5. From an interest coverage ratio perspective, Link is in a strong position with an operating EBITDA/interest coverage ratio of 15 and PEXA is currently ungeared meaning leveraging PEXA would free up capital for Link, should it be required. From a debt maturity perspective, the company has no refinancing due until January 2022 and don't see any debt-related issues, nor an emergency equity raising.