stefanis,thank you for those helpful comments and I think we...

stefanis,

thank you for those helpful comments and I think we largely agree.

However, it's not the business I worry about - it is the threat of dilution on a capital raising.

There are a couple of things about this.

First, I don't invest in the stock market - I invest in business with a view to its free cash flow over the anticipated life of its operations. The share price is largely irrelevant to me unless it flags a buying opportunity or it might suggest a time to sell. I really invest with time frame of 2 - 20 years. However, not everyone on this forum thinks this way and for traders with a much shorter horizon a diluting capital raising is deadly. It is less relevant to me but is still lead in the saddlebag (and from a fairness perspective it really annoys me).

The issue for me with the Interest Cover and Leverage Ratio is that it is from the bank's perspective because that is what gives them the right to call for a rebalancing of leverage. I don't have a problem with COF rebalancing leverage but again it is the dilution threat. I don't have a good sense about how Mulcahy and the new guy might react. Going on Mulchay's last effort I am not exactly filled with confidence.

If it wasn't for this factor I would be buying a lot more shares at these prices.