Trading halt..., page-101

Actually their cash flow is pretty tight, as revealed in the 1HFY17, which is imo what precipated the last SP downgrade. This can be interpreted as debt pressure too.
Focusing on significant items, attempting to leave out acquisitions

Operating:
95 mil operating profit

Investing:
(52) m PPE
(25) m Projects under Construction

18 m net

Financing:
(13) m Interest - This will increase due to the additional quarter bil in debt financing over the period

5m net

(33) m Dividends

Brings it into negative territory.

Now this is a rough and ready calculation admittedly, but it doesn't paint a picture of a comfortable cash flow. They dropped the dividend per share since the half year, but increased the number of shares. Without significant increase in Operating Cash Flow (and we are talking around a 30% improvement here) they can't maintain the dividend and certainly can't pay down debt.

However, there is value in the assets they hold, as demonstrated by the indicative takeover bids, and this is underpinning the SP above $3 for now. But if you want to figure out why their SP has gone from $9 to as low as $2.30, I would be pointing to their Cash Flow statements.