this is another example of a "recapitalisation" ........ see STO...

this is another example of a "recapitalisation" ........

see STO / ORG for classic examples ......

whilest it still has too high a debt level, the int coverage looks ok to me .......

I don't think this is a take-over target ......basically - the Kirby family would have to agree to any deal to be even a consideration .......

the assets are worth xxxxm .......the pay-down of debt (albeit at a big discount to value per share) just means the "new capital providers" get a better rate of return than the exsisting holders ......

rgds
Value_Hunter