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Assuming my maths and assumptions are correct, and the numbers...

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    Assuming my maths and assumptions are correct, and the numbers don't change. . .
    They will be in default in Feb next year unless they do something. 2.5 x 19.3 = 48.3 -which is the max net debt, and is less than $51m. But I suspect the covenant will be based on the retained businesses which is guided to be about $12m, so in that case they will have a limit of $30m, and need to find $21m.
 
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