In the 1300 Smiles case study the market capitalisation was about $165 million, with a debt-to-equity ratio of approximately 0.493 or 33% to 67%. Assume that prior to 30 June 2021 shareholders advocated for a recapitalisation of the firm's balance sheet in order to realise an increase in firm value by having a higher debt level. Given current historically low interest rates comment on the debt level of 1300 Smiles and what managerial incentives, agency costs and information signalling may have been going on In the 1300 Smiles case study the market capitalisation was about $165 million, with a debt-to-equity ratio of approximately 0.493 or 33% to 67%. Assume that prior to 30 June 2021 shareholders advocated for a recapitalisation of the firm's balance sheet in order to realise an increase in firm value by having a higher debt level. Given current historically low interest rates comment on the debt level of 1300 Smiles and what managerial incentives, agency costs and information signalling may have been going on