Of course it's my opinion, this is a message board of (semi)...

Of course it's my opinion, this is a message board of (semi) anonymous individuals, I didn't say I was an accountant, investment adviser or sector expert. All I'm trying to say is that if AJM can consistently make enough money to cover costs and interest payments then having debt isn't make or break. Indeed if free cash flow might grow profit more quickly if spent on an acquisition or business development than the amount of interest saved by paying down the principle - then it's better to keep the debt and spend the money elsewhere. Granted at 15% that would be unusual but the whole point of borrowing money as a business is to grow it by more than the cost of that debt. You might be right in thinking that the SP reflects the markets uncertainty that AJM can afford the interest payments, but that's very different from saying paying down the debt is the solution - I'd suggest that trying to do so now would be exceedingly expensive in dilution or in terms of what the counter party want in return for loosening the yoke, much better (if possible) to weather the storm and sneak by until the sector and spod prices recover.