Recently Asian Pay Television Trust (APTT) announced an issue to raise cash at a ratio of 1 new share for every 4 shares owned. The aim is to pay off an offshore debts which is charging at a high interest rate. Dividend Cut In addition, APTT announced its quarterly dividends will be cut from 0.3 cents to 0.25 cents. In my view this is because APTT wishes to maintain the amount it is distributing as cash for dividends. Hence increasing the share base by 25% and reducing dividends by 17% will maintain the current annual cash outflow. This brings to the next question. Is the current outflow of cash as dividends sustainable? Sustainable Cashflow? Based on APTT 2019's financial cashflow, APTT's dividend of 0.3 cents is indeed sustainable. However, there was little cash remining(nett of income tax and dividends)for APTT to repay debts. That to me signals APTT might have trouble reducing its debts. As of...