DNK, page-15

Yep I agree with almost all you said mate ;)... why 10 years? I do not think that's is the case.
The company will make good profit: Average annual undiscounted free cash flows7 US$88M US$173M << module 2.
At 60% the debt will be about $192mil so I guess from $88mil+/y we can do all.
Module II production expected to commence in year 6 - that's the plan but who knows it can be build earlier if the demand is there.

I think it's ok to pay small dividend even if we still have debt.