…And speaking as a boring chartered accountant and (ex) chief...

…And speaking as a boring chartered accountant and (ex) chief banking auditor/ risk manager – yes, the debt levels are a concern …..because they are too LOW.

There is plenty of capacity for expansion for a +$1 billion market cap operation and certainly without an equity raising. Consider things in perspective – current and diminishing debt is relatively low and potentially zero soon. At zero debt the position would be sub-optimal. Available capital has to be optimized between the right balance of equity and debt and then put to best use. Certainly not 0/100 but 30/70 perhaps?

I believe that management must articulate how they will utilize a correct future capital balance and thus future investment and the potential for expansion. The AGM will confirm if management are worth their salt in this regard. I have confidence that they will.