Very astute observation, accaeric.
Below is the debt covenant of Shine. Slater does not provide debt covenant. Another red flag against Slater.
From the above, and Shine's 2015 WIP and disbursement numbers, the total debt they need for a balance sheet breach would be 120mil. While they currently only have 30mil net debt.
Also, they have to have a rolling 12months EBITDA of 3 times interest payment. Their current interest payment is around 1-2mil a year. 3 times cover would be 5mil EBITDA. Their EBITDA this year after write down will still be 26mil.
The room they have in terms of debt freedom is huge versus Slater's maxed out debt position.
Very astute observation, accaeric. Below is the debt covenant of...
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