I can't see why it is a binary choice for the board. They can gradually reduce debt over the next 3 years whilst still paying out a reasonable dividend.
Cost of servicing the debt has reduced over the years and I doubt the creditors would be pressing for rapid repayment.
FY, Financing costs as per income statement $m
20, 11
19, 16 (includes a $6.5m loss on interest rate derivatives)
18, 9
17, 10
16, 11
15, 13
14, 14
13, 13
12, 4
11, 3
I would be happy for them to gradually reduce debt over the next 3 years, in line with the RBA's signal to hold rates low over that period.
Also with property prices rising in some states, there may be some potential for revaluation upwards. The covid devaluation may have overestimated the impact possibly.
The Brisbane property market appears healthy..
https://www.google.com/amp/s/www.sm...ane-property-market-update-september-2020/amp
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