November 30, 2016, page-28

My gut is telling me with all the debt sloshing around the world, particularly risky debt, that a lower debt is not such a bad thing and could give a lower rate.

I have already been weong once today, but my gut is normally pretty good. I will say best case 65/35 and worst case 60/40, but both scenarios would still be better than no debt.

I did a quick calc for no debt and at MC of 50 to raise AU100 is to issue double the share register worth of new shares. Given that without debt the free cash flow would then be close to $50m per year, so estimated MC of 300 M would still double current SP. and that is the unlikely worst case scenario.