Thanks for the response Cam. I have gone back and listened to...

Thanks for the response Cam. I have gone back and listened to the webcast again. I do like the fact that it is one of the few presentations where I feel I understand most of what they say, and can get a reasonable handle on where the business is at.
I can see the confusion over FCF. I did mean not being "Free" to pay down debt if it is handed out as divs. The Coffey thread is one of the most informative on this site. Thanks to all who have provided useful analysis. It's great to have an investment in a company where I feel I understand where we are at and confident my money is in a good place.