News: SIV Silver Chef Posts FY Total Revenue Of $287.1 Million, page-8

They explain it on page 56 of the annual report - section 4.0. Found it a bit later. Very nice to have a detailed explanation -I take back what I said about opacity as far as the covenant is concerned, but not the rest. This is the kind of disclosure I expect.

So they are at 84% as I calced earlier - as it happens. Another $45m at EOFY would have reduced the ratio to 72.8%, but I assume they will have sold/rented out some more stuff by then. So they would have needed $77m extra cash to be at 65% in the FY report.