I always smile at the no debt statement. They have used to for quite some time.
Reality is that no bank in their right mind would lend them money. The would only have a chance through a quasi debt / equity arrangement that would be favourable to the issuer. I guess that is why they tap shareholders and the like. That is the cheapest they can get anything, and you can't default on a shareholder.
MJS
dead money until agm, page-6
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