Ann: Immigration contract interim expansion , page-12

Very nice of TSE to put their covenant metrics on page 16 - but sadly they appear to be blowing out - they really desperately need the next half to be much better, and they are suggesting it will be. How about telling us where precisely the covenants are!

Re covenants, I think their ICR is possibly at 2x or so, and net debt to EBITDA at 3 or 3.5x possibly - which will probably be normalised over a rolling 12 months. However just guessing. I would like to know exactly how much headroom we have. I'm basing my guesses on the ratios of peers - but have not got the precise method of calculating them.

DYOR and don't rely on me.