STUDENT TRANSPORTATION INC 5.25 PCT DEBS T.STB.DB.A

RE:Anyone go to the AGM ?

[ffhwatcher3]

It is online.
Good Q and A.
https://edge.media-server.com/m/p/iryi68qs

A very good listen.  
Denis expects the payout ratio to be down to 50% within 2-3 yrs.
What you can't see on the balance sheet is the $100-200M in value in the leased buses. They are paying 75% of the cost of the bus in the 6 yr lease but it has only depreciated by 50-60%. They bought this years buses for $22k/each and their fair market value was close to double that $3.5M price for $7M worth of buses, or something to that affect.
Another point Denis made was that while their maintenance capex in new buses might show as $50M, only 1/6th of that is payable because it is financed via a lease.
Worth a listen (at least the last 15 minutes)