Time to put the position of TNR under scrutiny at balance date.
EBITDA/ Total Interest = [$18.264m+$1.504m+$7.381m] / $7.381m = 3.68 > 3.5 (=> O.K.)
Gross Debt / EBITDA = $156.995m / $27.149m = 5.78 > 3.5 ( => fail test )
Granted all of this is historical. But it does appear that on balance date (31-03-2015), TNR was in breach of its banking covenants (the Gross Debt/ EBITDA figure)! Furthermore the first covenant was only rescued because of a write up in the share value of TUA shares because of the takeover offer! This is desperate stuff. Those directors at the AGM deserve a grilling!
SNOOPY