I suspect your math may be off. Shine's covenants allow for up to 50% (Bank) debt to WIP and they must generate enough cashflow to be able to service it. Without checking the report im fairly sure that the max is a low multiple of EBITDA, somewhere around the 2-2.5x mark.
We don't really want to be trending toward the upper edge of that mark... Companies must leave enough headroom to be able to handle a 'black swan'.
Ann: Half Year Accounts, page-16
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