Thanks for your feedback Baronauk, I also like what they did...

Thanks for your feedback Baronauk,

I also like what they did with their servicing agreement. I guess you are right in regards to the refinancing as without it in place, going forth with any new projects becomes alot harder in the way of sercuring finance and becomes messy with many debt facilities and possibly needing to raise capital.

The real is question is whether they will be able to secure refinancing with such a large amount of uncontracted supply (however this is highly benificial for roughly the next 2years) and secondly in such an uncertain political setting. I don't think their debt level is too much of an issue as their net debt is only 400M and they will be making in excess of 100m in cash flow for each of the next 2 years.

Although there may be a negative share price reaction if there unable to refinance on improved terms, I do think much of this is already priced in and the company has strong support at current levels.

Lets hope they get the refinancing!
WS