I think you two guys are over reacting. Its a pretty transparent...

I think you two guys are over reacting. Its a pretty transparent situation : bad (in hindsight) decision to invest in GoGetta led to systematic higher arrears than expected, which meant lower returns and over time therefore a lower value of receivables & asset values on the Balance Sheet which should (and did) get written down. This write down pushed up assets/debt levels from an accounting perspective (cashflows/EBITDA are still strong) and breached lending covenants from the banks. The banks understand that its cashflow that matters not accounting so effectively give a 9 month waiver to rebalance the gearing levels. As GoGetta receivables and rentals roll off, this is release equity and allow some redeployment into Hospitality. In the meantime, too high growth means increasing debt under the facilities, so they have put the breaks on that until they reduce gearing by raising sub-debt (quite usual in a finance company structure) or, if that is too expensive, new equity. Not an ideal situation, I agree, but at $2.07 all this is well priced in and very overdone IMO.