most of the debt comes from leasing. these are on long term contracts so i am not worried about that portion of the debt.
From YMW: Excluding lease receivables and borrowings associated with the leasing business, net group debt of $52m at 30 June represents a debt to equity ratio of 24%. FY10 interest cover was a comfortable 9.2 times.
My feeling is that an institutional holder is reducing holdings, and the shorters know this. Given the low relative liquidity in this stock, the shorters are playing with it.
CSV Price at posting:
$1.37 Sentiment: None Disclosure: Held
