'We should be hoping for the opportunity to own a company like...

'We should be hoping for the opportunity to own a company like UNV where possible.' - that's what you did own, and it's no longer. I dont know what it is about debt you dont like, but it is not a bad thing. As far as how much is too much, well that is subjective. Some people think its ok to borrow $2m to buy a house because its in a good street, while others panic at borrowing $100k. If both can afford the debt there is no problem. Having cash in the bank making nothing is a waste. Paying a small divi may sound counter productive, but if it sparks interest from investors, the SP usually climbs and that's good for everybody. The higher the MC the lower the debt ratio. We will find out very shortly where we stand.