As quoted from the announcement.
The key financial covenants of the finance facility remainunchanged. They are as follows:
• Leverage Ratio: (Debt:Adjusted EBITDA) must remain below or equal to 2.50 times;
• Fixed Charge Cover Ratio: (Adjusted EBITDA + rent expense) / (interest + rent expense) must
remain above or equal to 1.75 times; and
• Debt to Capitalisation Ratio: Debt / (Debt + Book Value of Equity) must remain below or equal to
50%.
Increasing the cap of the finance facility shows they might have something on the cards and are preparing for a bid. They already currently meet the requirements, so i believe they might have found something worth considering that will fit into above's criteria. Even if not, a company telling you they are focusing on providing value through acquisition is never a bad thing.
NAB jumping on board with BOQ and ANZ gives me a lot of confidence. Might be the last chance to get something around 1.60-1.80 as i am expect a great half yearly sometime this week.
