That is not my reading of it. From SGH's own presentation - KEY...

That is not my reading of it. From SGH's own presentation - KEY TERMS:

* They have agreed to certain amendments to the Facility with lenders including:
 Simplification and reset of financial covenants to provide ongoing prudent headroom
 Increased frequency of reporting to lenders
 Facilities are now structured as term loans
 Semi-annual debt amortisation from June 2017
 Not to declare or pay any dividends

The term loans period goes through to March 2019.


There is no prospect of any dividends being paid until either the banking syndicate has either been repaid, or there has been a more considered (that is, determined) refinancing down the track. To suggest otherwise means putting the shareholders ahead of the secured creditors in which circumstance, why should they even remotely consider supporting the Company going forward. Given what's been stated (even by SGH's own hand), there will be no dividends paid for so long as the amended (that is, now amended) Facility is in place which, in terms of duration runs through to March 2019. Of course, if there is a refinancing sometime before March 2019, then things may well change, but not till this event occurs.

The only uncertainty therefore that I have is whether dividends might be able to be reintroduced for the F19 final, or whether one might then have to wait till H20 before dividends can be resumed, based on the maturity dates of Facilities B and E.