Ann: Response to media speculation, page-50

Here is some context for our debt levels compared to the wider market, our debt is 2.87x earnings, and we need to stay under 3.0 and pay for ASC.

"In a report released in February this year, S&P Global Ratings warned that the proportion of highly leveraged corporates – those whose debt stood at more than five times their earnings – had climbed to 37 per cent in 2017, compared to 32 per cent in 2007, on the eve of the financial crisis."
http://www.afr.com/opinion/columnis...-spooking-global-sharemarkets-20180327-h0y1xf