explanations, page-13

"CKI says that they want to recycle earnings in the underlying business into capex over next 5 years so no income for SKI."

That's a pretty major rephrasing of what was in the annual report. All they said was that the companies had expressed the desire to retain more of their earnings. That doesn't mean no income - it means *maybe* less - but with higher reinvestment in the business, higher earnings may result. How you go from that to an urgent capital raising/asset sell off I can't see.

Granted their debt is a bit on the high side, but with decent earnings growth and good interest cover, I don't think refinancing will be an issue.