1. Debt has built up over the last couple of years as they have continued to pay the divi despite last years hacking costs on the basis that underlying profits do cover it - not by a huge amount but around 1.2-1.3 from memory
2 I do agree however it would make sense to reduce the divi to be prudent as the balance sheet is starting to be a bit messy though it is unfair to judge it midway through the year because of the cash flow timings and while I would expect it… Read More
Thanks - been in meetings all day so missed the article which does indeed say that. I always thought bonds were cheaper and better and the below website seems to agree but I guess we will find out at some point.
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