Ann: Investor Presentation, page-10

~$500 million of debt which is considered "balance sheet strong" in the presentation. (Weird. My idea of balance sheet strong would be $500 million surplus cash).

Spare cash after repayments of borrowings and paying dividends is ~$20 million.

How are they ever going to get rid of the debt? Chip away with an extra $20 million for the next 25 years?

There are one of three things you can be sure of:

1. yet another acquisition to continue "growing" earnings
2. cutting the dividend and reducing the debt
3. raising capital to strengthen the "balance sheet strong" balance sheet even more.