go you good thing, page-30

The effect of debt financing is not that much. The balance sheet reflects cash (loan ) in, so cash at bank. And then the other side is the liability (money oweing to bank), so at that point zero effect. Cash asset is slowly replaced on the balance sheet by development infrastructure asset.
The only net cost of the exercise is the borrowing cost which is mainly interest which is tax deductable.
So really no big hit to the share value, in fact the return on investment is higher because of the leverage,.....a bit like buying a house.
Occam