Yes, Gaunty, I'm talking about significant cash in the bank, not paper equity achieved thru conversion of employee benefits, revaluation of assets and possibly capitalisation of goodwill. A debt to real equity ratio not exceeding 1.5 : 1.
And that cash in the bank must be the better part of at least four months total operating costs, probably around $20 mill. And I think I've "done the airline thing" often enough to speak from experience.
It has become increasingly obvious in recent months that from the Mum and Dad investor to institutional investor in Australia, no one is interested in investing in aviation.