I think they paid too much for it. Or maybe bit off more than they can chew. This is hardly the environment to be gearing up.
Indeed. Surely Macquarie Bank, of all players, will have extracted full value from the sale. And there's a huge risk difference between having $16m in cash and having $8m in debt, even if the notional interest cover and so forth aren't unreasonable.
I think they paid too much for it. Or maybe bit off more than...
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