The major problem here (re the SP) is the level of debt. As I...

The major problem here (re the SP) is the level of debt. As I have mentioned here before, the debt to "productive assets" is 92%. You cannot run a business that effectively earns revenue from debt. It doesn't make sense. The ONLY way the SP is going to improve is by reducing debt. The only way to reduce debt, apart from super profits, is by selling assets. Unfortunately, the only assets that are sellable, are profitable ones. I would think that they need to apply the full sale value of NZ business to debt reduction, then, maybe do a capital raise. The SP will be better then. My preference though would be to keep selling assets until the gearing ratio gets down to 40% which is a manageable level
Once the decks are clear, then we can grow properly