Covenant Compliance Certificate Neutral
BURSTONE GROUP LIMITED - Compliance with Financial Covenants as at 31 March 2026
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What this filing means
Burstone has confirmed it met all five financial covenants under its Domestic Medium Term Note Programme as at 31 March 2026 — interest cover, group LTV, encumbered-assets ratio, NAV, and individual tranche LTV are all within their prescribed thresholds. The disclosure is entirely confirmatory: it asserts compliance without disclosing how much headroom exists on any covenant, so it adds no new economic signal to what the market already knew about the business's financial structure.
Bear case
- Compliance is asserted but no actual covenant values are disclosed, leaving headroom above the 2x interest cover, 50% LTV, and R7bn NAV thresholds entirely unknown.
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